Quincy Reporter

Adams County Small Business Emergency Loan Review Committee met Jan. 21.

Here are the minutes provided by the committee:

The Small Business Emergency Loan Review Committee held a scheduled meeting via Zoom teleconference.

The following were present:

Mark Field

Bryden Cory

Jeremy Oshner

Chad Frederick

The meeting was called to order at 4:50 p.m. by Mark Field

Mark stated that this request is different than other ones they have dealt with so far as these people do not own anything. He asked the committee if they know these individuals. Mark stated the credit reports had a lot of collections on them. He stated the financial statements show little to no assets. It lead him to believe they might not know how to complete a financial statement. He stated that at a credit-risk perspective, he would have serious concerns. He stated the other requests have had people who own things and he had confidence they would be able to pay it back. Chad stated that he doesn’t think that this type of business will start taking off again soon and asked if the credit report showed things before the pandemic. Mark stated that some of the concerns dated back to 2019. Mark stated he doesn’t know the people, but the reports show they would not likely be able to continue the business for long.

Ryan stated that Kent wanted to share that he has the same thoughts as Mark.

Mark stated that he will have to vote no on this one. Jeremy stated that these loans were set in place for response to the COVID-19 pandemic and these reports reflect situations dating back before this pandemic. Mark stated that their purpose of applying for the loan was to pay their rent on the building and keep the wolves at bay. He reiterated that he feels bad, but this is a loan program and the county needs the money paid back.

Bryden asked who will notify the applicants of the decision and stated Matt is the chairman of the committee.

Bryden made a motion to reject the application. Chad seconded the motion. The committee voted unanimously to reject the application.

Bryden stated that no new applicants have come in. Chad stated that the most recent was the Lucky Dog one. Ryan stated that the owner of the Lucky Dog was persistent with reaching out about this.

Mr. Cory made a motion to adjourn the meeting. Mr. Field seconded the motion. Mr. Cory adjourned the meeting at 5:04 p.m.

https://www.co.adams.il.us/home/showpublisheddocument/6015/637648765239970000