Yes, absolutely this should be funded. This will help local enterprises without appearing to be "giving" money to a business. It will also allow the EDC to leverage it's funding to meet a greater number of applicants.
Discussion Forum: 2022 Grants
This forum is intended to provide feedback to the EDC on the 29 grant funding applications we've received for 2022. By posting comments on this forum you are agreeing to the terms and conditions we've established, two of which are:
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Be polite and respectful
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Stay on topic (the grants)
At the Annual Meeting a member of the community asked what we would do if this grant was not funded, and we were asked to respond to community questions on the discussion forum.
What would you do if the grant is not approved? If the Revolving Loan Fund is not approved we may investigate some aspects of eh loan program anyway, but we will not be able to proceed with the legal documentation required to get the loan fund actually operational. This would probably mean we would not be able to institute the fund until next year, or not at all.
What type of givebacks might the EDC require in return for a loan? That is part of the purpose of this grant proposal, which is simply to investigate and design the program. So we don't know yet what type of givebacks we would ask for. But it is my personal view, and I think it is shared by many if not all EDC members, is that some type of givebacks must be required.
A good example might be the request (this year) from Abracadabra to help fund a restroom in their new store. In return for EDC funding they are prepared to make their restroom a public restroom (no purchases required). That would allow the community to have a public restroom at the East End at a much lower cost than constructing it on its own with municipal funds. That's the type of "public accommodation" that I believe the EDC ought to establish for its grant or loan programs.
On April 13, 2017, the EDC voted unanimously to commit $100,000 to the establishment of Revolving Loan Fund.
Loan fund is a good idea with a caveat that this is a "loan" not a grant and would have to be paid back.
Agreed. This loan fund and the three housing positions will best and most efficiently address our town's biggest economic development challenges.