After being suspended for quite some time, the city of Bowman’s revolving loan fund is up and running once more.
Bowman City Councilman Scott Harpold told the council on Monday that he has gone through the necessary steps to remove the suspended status from the fund, and that everything is back in order.
He says the city is now able to loan money to new businesses if requested.
“If we have a new business that comes to town, initially if a business came into one of the fine arts buildings comes and they get a big loan through the RDC, then all the money they pay back goes into the city to allocate for new businesses should they so need it”, said Harpold.
As of yesterday evening, the revolving loan fund has $5,280 available to be loaned out.
Harpold said before the city can loan any money, that a committee has to be reset to go over applications.
“If we get a new business that needs a little bit of help with a low interest loan, we are going to have to reset up a committee to give that out”, said Harpold. “I think last time they used a banker, used an attorney, and had someone from the council go over applications should they turn them in.”
He says there are still currently two loans that are paying back into the fund, so the initial funds are expected to increase as that process occurs.