County Economic Advisory Board Reviews Past Loans to New and Expanding Businesses

Members of the Effingham County Economic Advisory Board and the County Board's grants committee met over the noon hour Tuesday to review loans that have been made to startup and expanding businesses.

The loans come from a close to $100,000 grant awarded the County several years ago to foster economic development. The businesses typically have up to five years to repay the loan at an interest rate of 3%. 

There was discussion whether some of the firms that have received loans should be surveyed as to how they are doing, and whether there is anything the County could do to assist them further. Another suggestion was to find how the loan process went, and whether that could be improved.

Board and committee members approved changes that were made in the loan application, and reviewed potential changes in the loan brochure developed to promote the program.