The first of those is a loan up to $1 million through the United States Department of Agriculture which Trenton could use to award loans to small businesses to enhance local business development, Trenton Finance DIrector Matthew Mesisklis said.
“The Rural Business Development Grant funding will greatly enhance Trenton CIC’s ability to provide favorable loans to foster local small business growth,” wrote Mesisklis. Mesisklis noted that the city would only have a 1% interest rate on any loan it receives through the program.
The second is an application for a $57,000 grant from the USDA, which would require the city to earmark $93,000 of its own funding (covered by American Rescue Plan funds), toward Trenton’s Community Improvement Corporation. That combined $150,000 would be “put toward the Community Improvement Corporation’s revolving loan fund, in which the CIC doles out interest-free loans to small local businesses,” Mesisklis wrote.
In its current phase, the city’s revolving loan doesn’t have enough money to cover the amount of loan applications the CIC has received. By adding $150,000, Mesisklis said, the city could accelerate its efforts to revitalize downtown Trenton and enhance business development.
Clerk of council Laura Daley said the council will also hear an ordinance that would put previously passed ordinances in line with updated state resolutions, and an ordinance that would rezone three parcels of land to allow private property owners to build residential duplexes.
The public can attend Thursday’s 7:30 p.m. meeting, which takes place at 11 E. State St.
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