EDA discusses updates to Revolving Loan Fund application; no final version adopted

Secretary Cierra Nagovsky presented the existing Revolving Loan Fund application, which staff said appeared to date to 2018 and for which no final revised version was on file. Commissioners recalled earlier consultant review and suggested multiple updates, including adding an explicit reference to the Business Subsidy Policy so applicants can self-select out if ineligible, clarifying collateral expectations consistent with the EDA's role as gap financier, and converting the form to a fillable online document linked from the city website.

Members discussed possibly asking Bolton & Menk or consultant Jim Gromberg to review recommended updates before finalizing the form. Nagovsky said staff would look for any updated drafts and carry the item forward; the minutes record that no formal motion was taken at the April 27 meeting. The discussion emphasized clarifying applicant expectations—particularly around collateral and the relationship between a primary lender and the EDA's gap-financing role—to reduce applicant confusion and administrative burden.