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REVISED/ Commissioner Chad Brown - Finance - To Approve Staff Recommendation of Small Business Emergency Bridge Loans
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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. Approval of four applications for a total of $19,500.
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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. We ask the Board to reconsider original action on resolution 2020-135. Four applications originally were denied due to unpaid taxes have been paid. We are requesting approval of these four applications for a total of $19,500.
POLICY IMPACT
Approval of applications for emergency funds for Small Business Operations originally denied for unpaid taxes, who have now paid.
ATTACHMENTS
REVISED/ Recommendations