The village of Baroda is getting 50-thousand dollars to establish a revolving loan fund for businesses looking to make improvements to their facilities downtown. The US Department of Agriculture's Rural Development Authority provides the revolving loan funds to assist rural areas where new businesses, or those seeking to expand, often have trouble acquiring funds on their own. Baroda Village President Bob Getz says that the village now must decide which businesses get the money:
A committee will review any applications for the funds, and Getz says that members will consider a number of factors:
The village had to go through an application process involving several steps to get the 50-thousand dollars. Getz says that he hopes it can help revitalize the downtown area:
The new money will be combined with 16-thousand in local funds. Baroda village officials expect to start accepting loan applications within 60 days.
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