She described a plan to grant loans round $1,000 or $2,000 to offer companies some “respiration room” for day-to-day operations like sustaining an internet site for on-line ordering or upgrading its takeout providers.
“I don’t know what the calls for of this shall be,” Verrier mentioned.
The prospect wasn’t introduced as a decision to be voted on by the committee. Chairperson Aileen McNabb-Coleman mentioned she requested Verrier to current the concept hours earlier than the assembly to begin a dialog a couple of potential emergency mortgage program.
The idea was met with some skepticism from legislators involved about utilizing county funding loans for companies. Legislator Ryan Foley, D-Auburn, requested how the funding could be safeguarded with out curiosity or collateral.
It must be decided whether or not CEDA ought to exclude companies that couldn’t provide collateral, Verrier mentioned.
She added that reimbursement could be due in 90 days, however defined that the standing of the general public well being disaster could be re-examined as they get nearer to the deadline to find out if extensions ought to be granted.
Legislator Keith Batman, D-Springport, expressed his assist for the concept —stressing that it was introduced as a program for emergency loans, not enterprise loans, and that eating places and pubs within the space are feeling monetary pressure.