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5�6 <br />From: Thomas Lanahan <br />To: Jason Brown <br />Subject: Expansion of Revolving Loan Fund into Indian River County and Request for Matching Funds - Revised <br />Date: Tuesday, June 9, 2020 2:06:58 PM <br />Attachments: SFRPC RLF facts flyer.pdf <br />6.9.20 Expansion of Revolvina Loan Fund - Revised.pdf <br />CAUTION: This message is from an external source. Please use caution when opening attachments or clicking links. <br />Jason: <br />A point of clarification I received today (and now reflected in the attachment). <br />We will be able to internally set aside funds by county for lending based on the match provided. So, <br />in other words, based on a 20% match of $115,000 then at least $575,000 will be made available for <br />providing loans within Indian River County. The grant has strong timelines associated with it and we <br />need to get the money out on the street within 2 years so there may be a need to re-evaluate <br />progress after a year or so to make sure we're getting it all loaned out. <br />Thomas Lanahan <br />Executive Director <br />Treasure Coast Regional Planning Council <br />421 SW Camden Avenue <br />Stuart, Florida 34994 <br />772-221-4060 <br />tlanahan(@tcrpc.org <br />From: Thomas Lanahan <br />Sent: Monday, June 8, 2020 4:41 PM <br />To: jbrown@ircgov.com <br />Subject: Expansion of Revolving Loan Fund into Indian River County and Request for Matching Funds <br />Jason: <br />The Coronavirus Pandemic has hit small and medium size businesses particularly hard. These <br />businesses are often constrained by a lack of access to capital, which can be addressed through <br />Revolving Loan Funds (RLFs) operating for the benefit of those businesses that can't get reasonable <br />loans through conventional means. The South Florida Regional Planning Council currently operates <br />an RLF in cooperation with the U.S. Economic Development Administration, and has done so since <br />2002. The lending area for this program currently covers Monroe, Miami -Dade, Broward, and Palm <br />Beach Counties and is receiving $5.38 million in supplemental funds from EDA through the CARES <br />Act. <br />TCRPC does not currently operate an RLF, but will be applying to the EDA for competitive CARES Act <br />grant funding to obtain $2.3 million to expand the SFRPC RLF to include Martin, St. Lucie, and Indian <br />River counties and help address economic damage impacts of Coronavirus. We believe this will be <br />