Kingsport Office of Small Business and Entrepreneurship
Dec/26/05 20:47
Alderman Ken Marsh said the loan pool program would consist of a pool of banks and other financial institutions that would provide loans to non-bankable people looking to open or enhance a business downtown.
The program would be administered by a new nonprofit corporation - the Kingsport Community Enhancement Corporation. A five-member board of directors would oversee the KCEC, and the administration of the entity would fall to Tim Siglin, director of the Kingsport Office of Small Business and Entrepreneurship.
Marsh said the program would have $600,000 at its inception, with the hopes of increasing it to $1.2 million in one year. A maximum of 10 percent of the loan pool could be loaned to any one person or business. Marsh said the maximum loan to downtown businesses would be $120,000, though loans would also be offered to people outside the downtown up to $90,000.
http://cache.zoominfo.com/CachedPage/?archive_id=0&page_id=1372944529&page_url=%2f%2fwww.timesnews.net%2farticle.dna%3f_StoryID%3d3583310&page_last_updated=12%2f26%2f2005+12%3a04%3a00+AM&firstName=Timothy&lastName=Siglin
The program would be administered by a new nonprofit corporation - the Kingsport Community Enhancement Corporation. A five-member board of directors would oversee the KCEC, and the administration of the entity would fall to Tim Siglin, director of the Kingsport Office of Small Business and Entrepreneurship.
Marsh said the program would have $600,000 at its inception, with the hopes of increasing it to $1.2 million in one year. A maximum of 10 percent of the loan pool could be loaned to any one person or business. Marsh said the maximum loan to downtown businesses would be $120,000, though loans would also be offered to people outside the downtown up to $90,000.
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