The revolving credit fund implicated | News, Sports, Jobs

JD Long DISCUSSION – Harrison County Economic Development Director Nick Homrighausen, left to right, Harrison County Community Improvement Corp Chairman. Dale Arbaugh and board members Bob Hendricks and John Jones discuss the revolving credit fund and whether to invest that money at Tuesday’s monthly meeting. Meet.

CADIZ – A topic that has been brewing for several years was revitalized on November 9 at the Harrison County Community Improvement Corp meeting. when member Dennis Hirschback asked again about the revolving credit fund and what could be done about it.

The fund is there to lend money to help small businesses, but according to Harrison County Economic Development Director Nick Homrighausen, businesses aren’t really opening the door to loans.

The amount the fund currently holds, according to office administrator Jody Hennis, is just over $ 265,000. Hirschbach asked if this money could be invested. Hennis said restrictions were reportedly placed on the loan and further research needed to be done on the matter. She was echoing what had been said at a previous meeting when Harrison County Commissioner and CIC board member Don Bethel made the comments.

Homrighausen suggested that the board have someone with the auditor’s office, “Who will be in charge? “ consider the matter. Hirschbach said he contacted the State Treasury Asset Reserve and was told the board could invest the money, but it would be difficult.

“In theory this money looks good but you can’t touch it” he said of a private business owner, who wished to remain anonymous but had applied for a loan. The paperwork became so heavy that the owner of the business said he chose not to touch it.

“It’s useless where it is now” Hirschback told the board.

Homrighausen replied that the revolving credit fund is like a bank and, while he does not disagree with Hirschbach’s comment, that “Banking laws are banking laws”. Hirschbach responded with the feeling of others that the money should be placed where the county could use it.

“If it is your responsibility or that of the commissioners, we must move on” Hirschbach told Homrighausen.

“It can be used if someone requests it, and we’ve tried to help people request it,” Homrighausen responded.

Bethel said members of the organization didn’t really trust each other due to past investment failures. He said that was the reason the fund remained intact.

“I don’t mean the county, I mean the villages in the county,” Bethel said, referring to some unsuccessful loans. He added that the process the private business owner was referring to was a “pain in the neck,” but said it is necessary. He expressed frustration at being capped at $ 25,000 per loan, but Homrighausen said this could be paired with the Ohio Mid-Eastern Governments Association, where up to $ 300,000 could be included.

“If someone sees the possibility even though we know very well in this group, we focus on twenty-five, even if we increase the limit, they might say, ‘Hey, well, there is an opportunity there- low. “ Bethel said while referring to the possible additional amount coupled with OMEGA funds.

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