The Economic Development Revolving Loan Fund, which offers funding for business loans, had apparently been stalled but is now resuming.
The third quarter performance report of the Department of Commerce states that the Planning Division of DOC was able to finally secure the fidelity bond required to resume lending via the EDRLF.
In addition, they are now able to move forward in accessing the recapitalization award of $600,000 and have reviewed the process with the grantor to draw down the funds.
Unlike previously, the recapitalization grant is a reimbursement award.
However with the assistance of the grantor, DOC has identified how to avoid fronting any money when funding an applicant.
The DOC report also says its requesting a 12-month extension of the expiration date extending the deadline to September 30, 2018.
Through discussions with the n, DOC has addressed the issue of requiring a credit denial letter and has received a tool that will allow applicants to self attest they were denied a loan, rather than supplying a credit denial letter from ANZ.
This, said the report, will greatly improve the efficiency of the application process.