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Council approves $15,000 loan to Obscure Fabrics; committee recommends higher credit score for program
Summary
Marion’s council approved a $15,000 loan to Dakota Rhea/Obscure Fabrics at 2% interest for 60 months and heard that the Small Business Loan Pool Program (seeded by USDA in 2011) is considering raising the minimum credit score to 675.
The council voted unanimously to approve a $15,000 loan for Dakota Rhea, operating as Obscure Fabrics, with repayment over 60 months at 2% interest. The motion to approve the loan was made by Dr. Jim Gates, seconded by Mayor Avery Cornett, and passed 5–0.
Economic Development Director Ken Heath reviewed the Small Business Loan Pool Program’s history and underwriting criteria, noting the program began in 2011 with $100,000 from the U.S. Department of Agriculture and has processed 64 loans. Heath outlined eligibility and documentation requirements, stating that applicants must be local businesses, U.S. citizens, not debarred from federal funding, and must submit a one‑page business plan and financials; he said the package and credit score are evaluated by the loan committee. Heath noted the Loan Committee wants to raise the minimum credit score requirement to 675.
The council approved the Dakota Rhea loan and directed Mr. Heath to review the loan application process and bring procedural clarifications to a future meeting.
