Supervisors approve resolution for small business assistance in Wright County

By: 
Bridget Shileny

 The Wright County Board of Supervisors eagerly passed a resolution Monday morning designed to assist the county’s small businesses. Wright County Economic Development (WCED) Director Cindy Litwiller presented the measure to the board. The resolution read in part, “WCED remains very concerned regarding the impact that [the coronavirus pandemic] will have on small businesses within our county; stipulations and requirements implemented on individual businesses by federal, state, and local governments to contain the spread of this illness could have lasting negative impact to their viability.”

The assistance measure has two parts. The first part would permit WCED to reach out to current existing loans associated with WCED’s Revolving Loan Fund with the intent to offer them deferred monthly payments for April, May and June of 2020 with an anticipated start-up date for repayment of July, 2020. There are six such loans that could be affected if the businesses involved choose to defer payments.

The second part of the measure would approve granting a $25,000 loan at 0% interest to three entities for the purpose of use in micro loan programs designed by each entity with guaranteed repayment back to WCED with repayment terms determined by the entities. The entities are Belmond – BIDCO, Clarion - Clarion Economic Development Corporation, and Eagle Grove - Eagle Grove Community Development Corporation. These entities are encouraged to help businesses in the smaller communities of Dows, Galt, Goldfield, Rowan and Woolstock on an as-needed basis. The loans are geared to existing, occupied and active businesses only, not start-ups, and will be for businesses located in the county.

The supervisors passed the resolution, which will now allow WCED to transfer the loans the entities who will be responsible for granting the monies.

 

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Wright County Monitor

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