Revolving loan fund promotes Fostoria economic development
By Erika Platt, eplatt@advertiser-tribune.comFOSTORIA - At a Fostoria Finance Committee meeting Monday afternoon, members discussed the October financial report and one of the city's revolving loan fund programs available to area businesses.
The fund is the city's second revolving loan fund and is targeted at promoting economic development by providing low-interest loans for business owners, according to a brochure from the Hancock Regional Planning Committee.
"Not enough people in the business community know about it," Mayor John Davoli said.
To spread the word, Davoli said a representative from the Hancock Regional Planning Committee plans to be at the Fostoria municipal building Dec. 11 at 10 a.m. for a public presentation regarding the revolving fund and its uses.
Davoli said the money used from the fund returns to Fostoria, making the revolving fund ideal for the city and existing or potential businesses.
"There's potential there to do great things," Davoli said of the fund.
In presenting the October financial report to the finance committee, Auditor Steve Garner said the city income tax receipts were down approximately 5 percent, while Fostoria's general fund is at $76,227, minus money encumbered for other purposes.
Garner also reported Fostoria has almost $6 million in different banks and investments.
The street maintenance and street repair fund has a deficit of about $87,000, Garner reported, but the shrinking number might lessen more by the end of the year as money likely will come from the state highway fund.
"We don't want a negative balance into next year," Garner told the committee.
In other business, Davoli told members of the committee the city would be filling the position of water plant operator assistant. Funding for the position is coming from the enterprise fund, Davoli said, not affecting the hiring freeze recently put on the general fund.
By filling the existing position, Davoli said the city will save money in both the short and long term.
"It's a cost-saving measure over a very long time period," he said.
