The U.S. Department of Housing and Urban Development (HUD) has approved Palm Beach County’s application for an additional $10 million for the countywide Section 108 Loan Program. In a letter dated Sept. 19, 2011 from Deputy Assistant Secretary for Grant Programs Yolanda Chavez, HUD informed County Administrator Bob Weisman of the award for loan guarantee assistance.
The Board of County Commissioners, through its Economic Development Office (EDO), established the Section 108 Loan Program to provide subordinated gap financing to borrowers committed to establishing or expanding businesses and creating new jobs. Since 2002, EDO has administered more than $20M in three separate loan pools to assist businesses relocate or expand throughout the county as well as specifically within the cities of Belle Glade and Pahokee. To date, EDO has closed or approved over $13M in loans, contracting for the creation of more than 700 new jobs for county residents.
The Section 108 Loans provide a dedicated, national source of low-interest loans for use by businesses, investors, communities and not-for-profit economic organizations to implement business ventures which revitalize local poverty communities and provide job opportunities for low- and moderate-income persons.
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Government
