Small businesses looking to locate to the city or existing owners hoping to expand their operations soon will have another means of doing so.
The city is a step closer to reviving a revolving loan program, with the goal of attracting jobs and new business to the area, according to City Manager John Goodwin.
City Council’s planning/development committee on Feb. 6 approved an operating agreement with Canandaigua National Bank, which would administer and provide other financial services for the program.
The agreement now will go before the full City Council for approval and if councilmembers sign on at their meeting March 1, applications can begin to be accepted midway through the month, Goodwin said.
City Council last September gave the OK to establish the program, with $250,000 in total funding available to businesses. The maximum loan amount is $50,000 and the minimum is $10,000.