Wapakoneta is another step closer to a functioning revolving loan program following Monday’s city council meeting.
Finance Committee Chairman Bonnie Wurst distributed the Commercial/Industrial Economic Development Loan Program guidelines and asked councilors to look over to document prior to the March 6 council meeting. The guidelines will govern distribution of funds in the city’s newly created revolving loan fund, a program developed to provide direct loans to small businesses at low interest rates.
The guidelines set the parameters for eligibility, applications and repayment. Council members will be asked to sign off on the document; it will also be determined if the guidelines themselves fulfill the requirement for such a document as called for in the ordinance that created the loan program.
For more on this story, pick up a copy of Tuesday's edition of the WDN.