A city-funded loan program for businesses may begin in June, City Public Information Manager Karen Giffin said Wednesday.
Hagerstown's Revolving Loan Fund will be used to encourage retention and expansion of existing businesses to Hagerstown by offering additional loans, Giffin said.
For example, if a business gets a $40,000 loan from a bank but needs $60,000, the could help bridge the gap, Giffin said.
The loan fund is supported by $100,000 in the budget for the current fiscal year. The proposed budget for fiscal 2000, which begins July 1, includes an additional $150,000 for the loan fund.