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Ravalli County considering microloan program

December 11, 2009 /

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Every year Ravalli County receives federal PILT money – payment in lieu of taxes – meant to make up for non-taxable federal lands within county borders.

Normally, the county receives just two-thirds or less of what it would if payments were made in full, but this year and next, due to federal stimulus efforts, the county will receive $2.4 million from Washington, D.C. – a full 100 percent, and some $700,000 more than usual.

On Dec. 16 at 11 a.m. in the commission meeting room, county commissioners will discuss how to use the extra funds and are considering a novel approach – microloans.

Common for years in the Third World, microloans are typically made not by banks but by governmental or nongovernmental agencies to businesses which, due to the size of their operations, may not easily qualify for traditional loans.

by JEFF SCHMERKER – Ravalli Republic

Full Story: http://www.ravallirepublic.com/articles/2009/12/11/news/news22.txt

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