The city's Power Board recently approved a new economic
development loan program that will provide funds for projects that create or
retain jobs; add capital investment; or increase electric, data and
telecommunications load in the BTES service area.
The program will provide loans up to $50,000 based
on a formula of $5,000 for each job created or retained. Special emphasis is given to manufacturing,
retail trade, and accommodation and food services.
The interest rate is 0% for the first 36 months and
prime rate through the remainder of the term of the loan. The fund will be initially capitalized at
$200,000.
The initiation of this loan program advances efforts
by the city and its strategic economic development partners to enhance the
economic climate of the community and create jobs.
Our thanks go out to BTES for identifying another
way to grow and sustain the Bristol economy.
