DDA member Bert King led the Nov. 18 meeting in the absence of chairman Sherri Rollins. He introduced Lynn Ashcraft, with the Georgia Department of Community Affairs, who talked to the group about funding options for downtown projects.
Ashcraft stated that the state puts together diverse funding options for purchasing property that depends on the type of property, where it is located and its condition.
She said the state’s revolving loan fund has a 2 percent interest rate and a maximum of $250,000.
Ashcraft said the DDA can borrow the money on behalf of a business owner and the business owner would be required to make the payments. The funding is from the state but the funds are not released until a project is completed, which can be a problem.
She said another possibility is the Georgia Cities Foundation loan fund that is handled by the Georgia Municipal Association. It also has a 2 percent interest rate and it also has a $250,000 maximum. One project could be funded by a combination of both of the loans.
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