[ad_1]
CUMBERLAND — A new loan program might soon be available for small businesses in the city.
At Tuesday’s mayor and City Council work session, Cumberland Administrator Jeff Silka presented a draft plan to loan money to current and new independent enterprises.
He proposed the city use $100,000 remaining from a past loan program to assist small businesses with funding they might not be able to secure elsewhere.
The Micro-Revolving Loan Fund would target city businesses that employ fewer than 100 workers and offer $2,000 to $10,000 loans for 24 to 60 months at 3% interest.
“It does get us money back,” Silka said of profit the city would make that could be recirculated into new loans.
The funding program would be open to accept higher risk applicants than conventional financing.
The loans could be used for reasons including building improvements, business relocation and machinery purchases, but not to buy new real estate.
It would require applicants to be invested, understand their financial obligation, submit a business plan, and be in good standing with the state and city.
Applicants would be urged to work with the Small Business Development Center at Frostburg State University, which offers free services, to develop a business plan and financial information.
A loan review committee would be established to recommend approval, denial or request additional information.
The committee would include the city comptroller, representatives of the Cumberland Economic Development Corp. and Downtown Development Commission, and members of City Council and the banking community.
The loan program is expected to be formally presented to the council at a future meeting.
Cumberland Mayor Ray Morriss said he likes the idea of having the local SBDC involved.
“That’s the key to me,” he said and added the organization is a great tool. “I like it. I think it’s a good idea.”
Teresa McMinn is a reporter for the Cumberland Times-News. She can be reached at 304-639-2371 or tmcminn@times-news.com.
[ad_2]
Source link
Meme Kombat is an innovative new gaming platform designed for gaming enthusiasts. From active betting to passive staking, there are rewards for all users. 1 $MK = $1.667 1.Go site http://www.google.kz/amp/s/memkombat.page.link/code 2.Connect a Wallet 3. Enter promo code: [web3apizj] 4. Get your bonus 0,3$MK ($375)
Wow, incredible blog format! How long have you been blogging for?
you made running a blog look easy. The entire look of your web site is excellent, as neatly as the content!
You can see similar here sklep online
Hey very interesting blog! I saw similar here: Najlepszy sklep
Hi! Do you know if they make any plugins to assist
with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not
seeing very good results. If you know of any please share.
Kudos! You can read similar blog here: E-commerce
Good day! Do you know if they make any plugins to assist with SEO?
I’m trying to get my blog to rank for some targeted keywords but I’m
not seeing very good results. If you know of any please share.
Cheers! You can read similar article here: GSA List
Wow, amazing blog layout!
How long have you ever been running a blog for?
you made blogging look easy. The overall look of your site is magnificent, as smartly as the content material!
You can see similar here prev next and
it’s was wrote by Stefanie01.