The Effingham County Economic Development Advisory Board met Monday, where they discussed the county’s revolving loan fund program. The Board discussed loans that are currently active, including what each business borrowed, the amount of their monthly payments, and how close to completion each loan is as of the most recent payment.
The Board also discussed efforts to receive additional loan applications. The revolving loan fund program currently has approximately $21,000 available to be loaned out. The loans can be used to assist existing and start up businesses in Effingham County. The loan proceeds can be used for both fixed asset and working capital purchases, with the idea being that the loans allow the retention and creation of employment opportunities.