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EDA approves interim change to façade loan program to allow two $5,000 loans per building
Summary
The EDA approved a stopgap revision to the façade loan program allowing buildings to take up to two separate $5,000 loans (combined $10,000) to help local businesses finance multiple projects while a full program rewrite is developed.
City staff presented an interim update to the façade loan program that keeps the individual loan cap at $5,000 but allows a single building to take two separate loans for different projects, for a combined maximum of $10,000.
"The rest of the terms and conditions of the loan are the same," staff said, explaining the change is a stopgap measure to get capital into local businesses while a more robust revision is prepared. Staff reported the current loan balance is approximately $27,009.82 and that the update would fund roughly five additional loans under current balances.
A member moved to approve the revision and the motion was seconded. After a brief discussion about demand and program uptake, the chair called the vote and announced, "Motion carries." The EDA directed staff to prepare the fuller policy rewrite and implement the interim change to allow more timely access to capital.
