FEDA talks child care program
FAIRMONT — The Fairmont Economic Development Authority met Monday night to approve one loan modification and discussed updates to the Child Care Forgivable Loan Program and the Fairmont Area Life Resident Recruitment Campaign.
FEDA approved one loan modification to Joe and Lea Riemann for the Fairmont Brewing Co. The loan is planned to be used for a portion of the acquisition of the building, building renovations, furniture, fixtures, and equipment.
In March 2021, the FEDA board approved the original loan request for $67,125 with interest at 3.25% for 10 years. Since then, some costs have gone up and the business is requesting an increase to the original loan amount to $75,000 with interest at 3.25% for 10 years. Collateral would stay the same with a shared second position on the building/equipment with SMIF and Region 9, and personal guarantees from both Joe and Lea Riemann.
Inside of the Child Care Forgivable Loan Program Economic Development Coordinator Linsey Preuss said that there are a number of people inquiring about the program. As of right now, there are two people that have been approved for a $1,000 loan and one person is in the application process.
The Child Care Forgivable Loan Program was created to address and assist the shortage of childcare here in Fairmont. Right now, the program is designed so that up to 10 childcare providers can be helped in this community and if it’ s successful the program can be allocated more funds.
The investment amount is up to $1,000 per applicant until $10,000 is expended. The interest rate of that loan is 0 percent. The loan is forgiven quarterly by 25 percent and if the childcare business remains in business for one year the loan is forgiven entirely. The use of funds can be used for structural maintenance relating to providing childcare, equipment, and code work
Preuss gave a presentation on the Fairmont Area Life Resident Recruitment Campaign. The Fairmont Area Life Resident Recruitment Campaign is to recruit people to move to Fairmont. Inside of that presentation was the reasoning behind the Fairmont Area Life Resident Recruitment Campaign is that the community beads workforce workers. The first step is to get people to visit Fairmont before living here.
The Fairmont Area Life Resident Recruitment Campaign created a digital billboard advertisement that can be seen on websites such as Fox News, CNN, HGTV, and others. The advertisement started with a this or that campaign which then moved to highlight fun winter experiences and now is highlighting summer experiences.
The results update included 875,503 impressions, 682 clicks, 6,689 engagements, and 716 visits.
The next FEDA meeting will be Monday, June 14 at 4:30 p.m.