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Lake City Business Loan Program Continues To Grow With New $10,000 Award

Lake City’s no-interest business incentive loan program continues to grow after the city council voted to lend an additional $10,000 in the current fiscal year. City Administrator, Eric Wood, says the Lake City Food Center was chosen as the most recent recipient.

The program was started two years ago to encourage physical improvements to structures throughout the community. It started small, only $10,000 was awarded in its first year, but the city is working to grow and improve upon the effort. This year’s total is the largest amount the city has loaned so far, including the one approved Monday.

Previous projects for past recipients included interior renovations, exterior work and even building new structures. Wood says they could not be happier with the program’s success.

The city pulls the money from its general fund, which is then paid back over a five-year period. At the rate they are growing, they hope the program will become self-sustaining at some point. Wood adds it is unlikely they will award additional loans in the near future due to the large amount already presented.

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