Council Approves Creation of Jobs Development Fund

The Loveland City Council decided to move forward with the creation of a Jobs Development Fund, agreeing to allocate $5 million for the initial effort.  Other communities in Colorado (and elsewhere) use a revolving loan fund for this purpose. The fund is intended to stimulate economic development, job creation and redevelopment of downtown; it will provide a means by which the City can assist projects while remaining revenue neutral and financially able to facilitate more projects.  Betsey Hale, the City’s Business Development Manager, says the fund is an important tool because credit markets are currently tight and even substantial and successful companies can’t get the level of lending support that used to be available. There are strong local projects that are ready to finance if a funding mechanism is available. On December 7th the Council will consider a resolution to amend the City’s Economic Development Policy and an ordinance to amend the City’s Investment Policy.

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