City’s growth fund stands at near a quarter million
The Nebraska City Economic Growth Fund has about a quarter-million dollars available to make loans or grants to qualified businesses and organizations.
The Nebraska City City Council heard a report from the fund’s Citizens Advisory Review Committee during the first city council meeting of 2020.
Program Administrator Dan Mauk gave the council an update on the fund, which is a tool that about 60 communities in the state use to spur local economic development.
Mauk said 15 Nebraska City businesses currently have 16 loans from the fund. Those loans total about $600,000, and monthly repayments to the fund are about $7,600 total.
The 2019 sales tax replenishment put $237,159 back into the fund, said Mauk.
Projects funded for fiscal year 2018-2019 were a grant to the Nebraska City Museum Association to cover admission costs for residents in the 68410 zip code, a grant to the downtown flower basket program, loans to KVM Properties, Waste Container Systems, and River City Investments, and a forgivable loan to Inspired Hope, LLC.
Loan applications can be picked up at City Hall, 1409 Central Ave.
Completed applications are reviewed by the five-member Citizens Advisory Review Committee.
If the committee approves the application, it is then forwarded to the city council for a final decision.