| Washington, D.C.-Congressman Dale E. Kildee (D-MI) announced today that the city of Flint has been awarded a $6 million loan guarantee under Section 108 to establish a business loan program. The U.S. Department of Housing and Urban Development awarded the city of Flint this loan guarantee after Congressman Kildee aggressively lobbied on behalf of the people of Flint.
“I am pleased that I was able expedite the process of securing these funds for the city of Flint”, said Kildee. “This loan guarantee will provide vital funding to stimulate our local economy and increase employment opportunities.”
The city of Flint will use the Section 108 funds to finance economic development, rehabilitation and revitalization of low-income neighborhoods. Eligible applicants for loans will consist of private businesses, for-profit developers, non-profits, and hotel developers. The objective of the program is to create jobs for low-income residents living within the federally designated Enterprise Community. The city of Flint will limit the program to eligible entities located within or relocating into the Enterprise Community that are committed to creating economic opportunities. |
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