City policy director A.J. Hermann: "City Funds will actually serve as a loan loss reserve fund. What that means is that city funds will backstop loans made by private institutions – Such as EDC which was awarded the funds. With the assumption being that will create more loans and more capital that can go out to businesses."
The rest of the discussion is pretty much pointless . . . Checkit:
A delay in leveraging $500,000 to help keep the smallest of businesses afloat took council members and Mayor Quinton Lucas by surprise. City policy director A.J. Hermann explained why the city can't make loans directly to business owners and how it's holding up the needed funds.