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City of Shelbyville establishes Revolving Loan Fund

The City of Shelbyville has established a Revolving Loan Fund.

 

The ordinance, passed by Common Council vote on Monday, would allow for requests to the city for funds to aid a project which brings benefit to the city.

 

The funds would be considered on a case-by-case basis.  There is no geographical footprint.  For instance, it doesn’t have to be for a project in the downtown or anywhere specific.  Simply, it must be in the City of Shelbyville.

 

Councilman Scott Furgeson says the Ordinance Committee was reluctant to consider the matter due to loans by the city in the past that didn’t have projects come to fruition.

 

 

The council noted that projects that come requesting monies from the Revolving Loan Fund would be considered each on their own merit but the goal isn’t to make monies available for basic maintenance and upkeep. 

 

Items like how much interest, collateral, clawbacks and other parameters could also be set by the council on each case.

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