Anderson County may be getting into the banking business.
The Anderson county council’s finance committee showed support Friday for the creation of a county bank that would specialize in small loans for small businesses.
The loans would be specifically for the creation of small businesses in the county or for the maintenance of existing ones.
The county would borrow the bank’s start-up money from the U.S. Department of Agriculture’s Rural Development branch and would repay it over 30 years with a rate of 1 percent interest.
The loans offered out to county borrowers would be in the range of $5,000 to $30,000.
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