Tag Archives: Jennifer Suter

Accounting Department Update – Oct 2018

{Connie Aytes – Director of Accounts & Budgets}

Capital and Debt Reports: I would like to thank Jennifer Evans and Jennifer Suter for their work on the Debt and Capital Reports which have been placed on the county website under the Accounting Department.

2019 Budget: The budget book is nearing completion and will be published before the newsletter is published. We are supplementing this year’s budget book with information that should make it easier to understand where our money is spent.

Student Volunteer Program: We have finished our Tennessee Scholar Volunteer program for this past summer. We appreciate Elijah Breaszale and Bailey Barding for taking time out of their summer schedule to help with filing and data entry. Elijah and Bailey are pictured below receiving her certificates.

As always, if you have any questions, please contact our office. Any staff member will be happy to serve you. Have a blessed Fall Season, and If you have any family members or friends dealing with the east coast hurricane, I hope they are safe.

Connie Aytes and Elijah Breaszale

Ron Woody, Bailey Barding, and Connie Aytes

 

Revolving Loan Fund: Growing Jobs in Roane County – Nov 2018

{Amber Cofer, Loan Manager & Jennifer Suter, Reporting Officer}

In 1987, Roane County Government received Revolving Loan Funds (RLF) from the U.S. Economic Development Agency (EDA) for the establishment of the Roane County Economic Development Revolving Loan Fund.

These funds were obtained to provide low-interest loans to local businesses, create new jobs, retain existing jobs and aid small business development. In essence, Roane County will act as a “bank” and accept the responsibilities of a commercial lender when making an RFL loan to a local business.

This program allows Roane County to play an active role in helping to create jobs and expand the business base in our community. Currently, our portfolio consists of 14 active loans and 23 loans that have been fully repaid. Each business loan is classified as a fixed asset or working capital loan. In a fixed asset loan, the money is used for the construction or renovation of real property or the purchase of equipment. Proceeds from a working capital loan are used to fund the day to day operations of a business, typical of a startup.

As of June 30, 2018, Roane County has invested $2,877,604 in local business and has generated $449,923 in interest income. There have been 871 jobs created and 369 jobs saved. Roane County’s EDA Board consists of members of the community who have specialized knowledge of lending and economic development. The County Executive serves as chair, the Board also includes a representative from the Industrial Development Board, a local bank officer, and two area business owners. This board approves loans that make it past the general vetting process before any funds are distributed. Because this involves federal funding, the County files a semiannual report to the US Department of Commerce to ensure appropriate internal control structures are being followed.

To be considered eligible for these funds, you must be establishing or expanding a business within the boundaries of the Roane County EDA plan. Hopefully, this article has given a bit of background on what this important program does and, more importantly, how it’s helping grow the economy of our wonderful county.

If you would like more information on the requirements and eligible activities regarding the EDA Loan, you may contact the EDA Loan Manager, Amber Cofer at the County Executive’s Office at 865.717.4103 or come by the County Executive’s Office and pick up an information packet.