ECONOMIC DEVELOPMENT FINANCING
The purpose of the First Tennessee Economic Development Corporation (FTEDC) is to create and promote economic development through loan programs to businesses. A Business Development Loan Fund (BDLF) was established in 1994 with funds from Rural Development (RD) and the State of Tennessee. A Revolving Loan Fund (RLF) was established in 1990 with funds from the Economic Development Administration and State of Tennessee.
The programs help businesses through fixed asset and permanent working capital financing. Through the loan programs, 46 companies have received funding of $4.3 million. These companies have created 550 jobs to date. The District also completes CDBG loan applications on behalf of communities for the benefit of new and expanding companies. During the past year, the FTEDC made three loans totaling $450,000. Loans have been made in the past year to businesses in Johnson City, Washington County, and Hawkins County.
The Board of Directors and Loan Committee of the First Tennessee Economic Development Corporation review loan projects and implement loan programs.
FTDD BOARD OF DIRECTORS
Russell Brackins FTEDC Chairman
Jerry O'Connor Impact Plastics
Tom Olterman TVA
George Presley Park Financial Services
Doug Price The Citizens Bank of East Tennessee
Susan Reid First Tennessee Development District
Alan Spritzer, Ph.D ETSU, College of Business
Rick Storey Citizens Bank, Tri-Cities
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FTEDC LOAN COMMITTEE
Clifford Andes SunTrust Bank
Mike Eddy Eddy & Eddy CPAs
Michael C. Hill Citizens Bank, Tri-Cities
Robert Justice ETSU, Small Business Development Center
Ken Rea First Tennessee Development District
Frank Reynolds BB&T
Robert Williams First Bank & Trust
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