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EDA plans revolving loan/grant program from Williston repayments; board forms two committees
Summary
The Onancock EDA debated whether to structure new local assistance as loans or grants, proposed loan-corpus preservation with interest used for grants, and agreed to create two small committees to draft program framework and application processes.
Board members discussed using repayments from the Williston project to seed a local revolving loan fund or small grant program. Several directors and staff favored preserving the loan corpus and using interest earnings for grants so funds would return to the community in perpetuity; others noted grants are more popular with small businesses but reduce future funding capacity.
Members agreed to form two committees: one to develop the program framework and financial mechanics, and a second to draft application materials and a calendar. Staff recommended a single annual application window and blind review to reduce discrimination risk. The board directed staff to circulate templates and term sheets and to bring a drafting proposal for adoption at the December meeting.
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