Closeout of Community Development Block Grant (CDBG) Award 20-CDBG-12080 Business Assistance Loan Program
Award Details
Activity: Business Assistance Loan Program
Type: Economic Development Program
Timeline: Three-year period from June 22, 2021 to June 21, 2024 National Objective: Low-Moderate Income Job Creation or Retention (LMJ) Total program funds available: $500,000.00
Total program funds expended: $496,981.62
Expenditure Breakdown:
$399,792.00 for loans
$67,503.75 for contracted consultant expenses in support of the activity $4,685.87 for staff time in support of the activity
$25,000.00 for General Administration of the CDBG program $3,018.38 was unspent and will be disencumbered
Drop In Donut
Loan Amount: $20,000
Jobs Created/Retained: 1
Noyo Electric & Solar
Loan Amount: $70,000
Jobs Created/Retained: 2
Photo Credit: Braggadoon
Tall Guy Brewing
Loan Amount: $210,000
Jobs Created/Retained: 7
Juice Me
Loan Amount: $31,792
Jobs Created/Retained: 1
Photo Credit: Word of Mouth Magazine
Fort Bragg Transmission & Auto Repair
Loan Amount: $68,000
Jobs Created/Retained: 2
Program IncomeOngoing Community Benefit
Repaid loans become Program Income (PI)
PI can be used for eligible CDBG activities
PI can be used to increase an application total or applied for as a standalone three-year contract If used for a Business Assistance Loan Program, PI can be used to mimic a revolving loan fund Current estimated balance + three-year projection is approximately $500,000