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Flood Recovery Updates: |
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Economic Development |
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In October of 2008, ECICOG was invited to submit an application for $1.5 million to the Department of Commerce, Economic Development Administration (EDA) to establish a business assistance revolving loan fund (RLF). The funds are being made available as part of the federal $100 million supplemental appropriation to the EDA, as a result of the natural disasters of the summer of 2008. The RLF will make loans to businesses at a rate no less than 4%. Other terms may vary, depending on the purpose of the loan, which may include working capital, purchase of machinery and equipment, and/or purchase of real property. Initially, a significant portion of the assistance provided may be for the benefit of businesses and business sectors adversely impacted by the natural disasters. However, as the region's redevelopment progresses, the RLF will have the opportunity to support business development and start-up throughout the region. To assist in meeting EDA matching requirements, ECICOG received a generous grant of $85,000 from the Washington County Riverboat Foundation. ECICOG hopes to receive confirmation of EDA funding in November. For additional information please contact Tracy Dekoter. |
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View the ECICOG Comprehensive Economic Development Strategy, completed in January 2008. |
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