•February 17, 2021•
By Crystal Reed
NP Writer
During the Feb 8 City Council meeting, an ordinance establishing a revolving loan program for the city of Sullivan was approved. The council appropriated a sum of $400,000 for initial funding of the program.
Prior to 1992, the US Department of Agriculture had a revolving loan program available to communities at low interest rates to push development and employment. That program had the amount of $250,000 appropriated to it. City Administrator Dan Flannell said that through that program the city of Sullivan made many loans to businesses, but as interest rates declined the need for the program went away.     Login or Subscribe to read the rest of this story.