The City of Fitzgerald established a Revolving Loan Fund using funds received by the City from the Employment Incentive Program of the Georgia Department of Community Affairs.
The goal of the local Revolving Loan Fund program is to expand economic opportunities for person of low and moderate income, in the City of Fitzgerald, by providing flexible and expedient funding at the local level.
To provide loan funds to local small businesses form public resources, as well as create public-private partnerships, with local commercial banks and other private sector lenders and investors. To be considered, potential projects must meet one of two national objectives:
- Benefiting low and moderate income persons;
- Preventing or eliminating slums or blight.
This program is designed to assist small service, commercial, and industrial businesses in the City of Fitzgerald, GA by providing “gap financing”. Provision of assistance to private, for-profit entities must be contingent upon firm commitments of financial participation from other sources such as private financial institutions, or the private entities themselves. This financial assistance must meet the overall program objectives and must result in the creation or retention of permanent jobs of which 51% must be for low and moderate income person.