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 Mayors Office for Application)