Additional Economic
Amenities
Hoxie's Job Stimulus
Re-Use Fund continues to be available to offer low-interest loans for qualified
applicants. The Hoxie fund and its volunteer committee of overseers has a history of
success, since its inception.
During the mid 1980's Hoxie was provided an
opportunity to begin economic development in the blighted downtown area. Through a
$475,000 supplementary grant and private financing, the Hoxie Plaza and FCA trucking (then
Charles Martin Garage) was constructed.
The City of Hoxie
utilized those grants provided by the then Arkansas Industrial Development Commission
(ADIC) – Now ADED as loans to private businesses at favorable interest rates to be
repaid over the following 15 years.
To continue the economic
development process a fund called the "Job Stimulus Re-Use Fund" was established
with a defined set of objectives and guidelines. To further insure the business -like
operation of this fund, the loan approval and recommendation process is handled by local
business people working as volunteers appointed by the mayor and city council.
The loan fund value has
reached nearly $1,000,000 and continues be utilized at sub-prime rates to assist qualified
new businesses or businesses wanting to expand within the Hoxie area. Job creation is the
primary objective of the fund use while attempting to increase the tax base for the city.
Since new business longevity is a prime consideration, real property has and is utilized
for collateral.
(Contact Mayor’s
Office for Application) |
