Notes to SEFA
The City operates a revolving loan program utilizing federal financial assistance received under prior Community Development Block Grants (CDBG) and current Rural Business Enterprise Grants (RBEG). Loans outstanding at December 31, 2024 under these programs, as reported in the City's basic financial statements, are as follows: Loans Receivable - CDBG $ 2,044,270 Loans Receivable - RBEG 55,951 Total Loans Receivable $ 2,100,221 The City disbursed new loans in the amount of $249,000 from Community Development Block Grant program income and $-0- from the Rural Business Enterprise Grant program income. The City received program income from the repayment of loan principal in the amount of $193,177 during the year.