County Economic Development Board Receives Federal Funding
Published on August 22 2012 11:00 am
Last Updated on August 22 2012 11:00 am
Written by Greg Sapp
The Effingham County Economic Development Advisory Board has received a $99,000 federal grant to assist local business startups and expansion.
County Board member Dave Campbell, who chairs the Advisory Board, said the board members "have been on pins and needles" waiting to hear whether the grant request would be approved. Campbell said, "We felt we had a good application, but with the government, you never know."
Effingham County was one of 16 applicants approved for funding. The dollars will be made available through USDA Rural Development.
The Economic Development Advisory Board plans to establish a revolving loan program for new and expanding small businesses unable to obtain financing through conventional sources. In support of the grant, some area businesses indicated the loans would help them purchase the equipment and inventory they needed to grow their businesses.
Businesses may use the County's revolving loan funds in addition to other partial funding for projects or for bridge loans. The loan funds can be used for a variety of purposes, including the purchase of machinery, equipment and fixtures; facade and building renovation; landscape and property improvements; and the acquisition of land and buildings.
The county's Economic Development Advisory Board was established in recent years under the leadership of former county board member Jim Reeves. As Reeves' business interests took him out of the area, Campbell took over chairmanship of the board.