Feds set up new bond financing program - WALB.com, South Georgia News, Weather, Sports

Feds set up new bond financing program

By Karen Cohilas - bio | email

ALBANY, GA (WALB) - With many banks still hesitant to lend money, small businesses in Dougherty County may soon have a new option. 

The Department of Community Affairs set aside $2.3 Million for Dougherty County to provide cheaper financing options for businesses.

Pretty much any business can qualify. They'll have to provide security for the debt and have to pay the money back so taxpayers won't be on the hook for the dept.

It's another tool for the county to bring new jobs to the area.

"If a business person had to borrow money whether it be two, three, four million, they can go in and this will be part of their package and would reduce their interest rates," said County Commission Chairman Jeff Sinyard. "Consequently, increase their cash flow and making the project much more viable and hopefully hire more folks and give us a better shot at putting them in Dougherty County."

There is a possibility the county could get even more bond money after other local governments decide how much money they plan to use.

 

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