ORGANIZATION: Westside Development Corporation (WDC) - Finance Committee
POSTING LANGUAGE:
Discussion and possible action on a recommendation to the Board of Directors regarding guidelines for the WDC Loan and Grant Program.
SUMMARY:
The Finance Committee will consider staff recommendations regarding the guidelines for the Loan and Grant Program. These recommendations are based on feedback and experience from the prior program year.
BACKGROUND INFORMATION:
The WDC awarded seven grants and two loans last year to small businesses. During the process of soliciting applications for and awarding those loans and grants, the staff received feedback from both the Finance and Project committees and applicants on how to improve upon the process.
The Loan and Grant programs are funded almost entirely by the City of San Antonio through an annual allocation. Local financial institutions began to contribute minimal amounts to the fund last year.
Returned principal from the loan program is used to grow the loan fund, as well as an operational reserve fund.
RECOMMENDATION:
The Committee will review the staff recommendations and submit them to the Board for final approval.
MRH - 151014 - Finance - Item 4 Memo