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REVISED/ Board of Commissioners - Finance - To Approve the Recommendations of the Small Business Emergency Bridge Loan Committee
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STAFF CONTACT
Brandy Decker - Finance - 704-866-3338
BUDGET IMPACT
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Gaston County Resolution 2020-088 approved the appropriation of $524,000 from Fund Balance to provide for a Small Business Emergency Bridge Loan Fund. Fifteen applications for a $5,000 loan have been approved, totaling $75,000.
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BUDGET ORDINANCE IMPACT
Refer to Board Resolution 2020-088
BACKGROUND
Gaston County Resolution 2020-088 authorizes the County Manager to direct and implement the necessary documentation for applications and approval of loans to small locally owned businesses. Loans shall not exceed $5,000 per business application. Terms of the loans shall be determined by the loan committee which is designated by the County Manager. Fifteen Applications Have Been Approved for a Total of $75,000. Six Applications Were Denied Due To Unpaid Taxes.
POLICY IMPACT
Approval/denial of applications for emergency funding for Small Business Operations.
ATTACHMENTS
ADDED/ Committee Recommendations