Allen County commissioners would be wise to evaluate their economic development efforts, in view of what has occurred the past few months.
The idea was to have a committee that considered funding opportunities four times a year. Guidelines included applicants must be seeking funds that would help them start a new business or to expand or upgrade an existing one. As it stands today, not a nickel will be distributed.
Two suggestions come to mind.
It would behoove commissioners if the existing committee take on some diversity. As is, all are men on the other side of 60, and none represent the eastern side of the county. A woman’s opinion should be at the table.
Also, commissioners talked in terms of five years for economic development in current form.
We suggest commissioners broaden the scope, especially considering Enbridge’s spike in assessed valuation, by creating a revolving loan fund with no end date.
Earmarking $1 million — or more — for such loans to spark economic development could trigger much more growth than the $150,000 a year. The magnitude of proposals made for the county’s economic development committee to consider – five totaling $485,000 – is daunting, with only $300,000 available until the 2019 cycle.
An alternative: A loan fund with forgivable repayment the first year, and then three, five or even seven years’ amortization at an attractive rate at or below the prime rate, perhaps interest-free. Having a smidgen of interest attached, though, would grow the fund.
Such an approach would give a number of aspirants healthy jump-starts.
The economy is growing, unemployment is low, and now is the time to take advantage of the upswing in all ways possible.
— Bob Johnson
