Economic Advisory Board Considers Tougher Requirements for Borrowers

The Effingham County Board's Economic Development Advisory Board Tuesday discussed revised guidelines for borrowers.

The Advisory Board loans funds originally received as grant dollars. The borrowers have a certain period of time to repay the funds, typically using their equipment as collateral.

There have been some success stories among those who have borrowed funds, but there are a few slow pays that are causing the Advisory Board concern. That led County Board Chairman Jim Niemann to suggest some changes in the borrowing guidelines. The penalties being considered include late fees and a certain increase in percentages for monies borrowed.

The Advisory Board will review the proposal before voting on the changes, probably at next month's meeting.

In the meantime, the Advisory Board was reminded that enough funds have been repaid by borrowers that $40,000 is available to any others wishing to expand or start up a business. Information on applying for the funds is available through the County Board office or on the County website.

The Advisory Board also decided against renewing a subscription with eCIVIS, a publication that makes information available on grant funds available. The consensus was that what funds are available through the subscription are typically only available to specific individuals or people groups, not to the general public. The City and the County had split the subscription cost of $1,600/year for three years.