
By Jill Nagy
With a $5 million loan portfolio to administer, the Washington County Local Development Corp. helps to foster a vibrant small business community in a largely rural county. Deanna Derway, president, executive director and the only employee of the corporation, “wears lots and lots of hats” keeping things going.
According to Derway, there are currently 42 active loans and she just made two more. Some $1 million is available for new loans.
The nonprofit corporation began in the 1970s with money from federal Community Development Block Grants. Aside from $80,000 a year from the county, interest, fees, and repayments of the loans made from those early grants sustain the organization.
Any business in Washington County is eligible to apply for a loan, she said. Applicants must be for-profit businesses and job creation is a criteria. (The unemployment rate in Washington County was 4.9 percent at the end of 2016, slightly above state and national averages).
The varied loan portfolio includes farms, restaurants, energy transport companies, cleaning services, delis and breweries. Typically, the corporation lends to businesses with some risk, “stuff banks may not want to lend to,” she said.