Mercer County wants Revolving Loan Fund
Mercer County may be eligible for seed money to establish a revolving loan fund for the county.
Mercer County Board chairman Tom Harris said FEMA (Federal Emergency Management Agency) is making money available for counties that had damage from flooding this year.
FEMA would provide up to $1 million but the county would have to provide matching money that could be loaned to local businesses.
Bi-State has made pre-application to see if this is an eligible project. “It is,” said Haris. Bi-State will make an application on behalf of the county. “Hopefully the seed money is there to get something developed,” said Harris.
Harris added, “We need an economic development tool we can offer to prospective businesses. We've talked about this for 10 years. Maybe now we will have seed money to get the fund started.”
Harris said, “This is a one-time deal. We'll have money coming back to us in the forms of repayment and interest.”