Chatham-Kent council has approved a bridge financing policy for local not-for-profit organizations to follow.
The policy passed unanimously during Monday night's council meeting.
It sets a criteria for local groups in order to be considered for a loan -- something Councillor Derek Robertson was pleased with.
"The policy as it is written dealt with all the pragmatic elements of proper bridge financing, having proper security in place, [and] ensuring that there's an interest rate," he says. "I think tonight proved that we get it right, every now and again."
The request for a policy came from Robertson in 2016 and was reiterated during a council meeting in February 2017, when council approved a report to look at the feasibility of an interest-free bridge financing loan of $250,000 to the Mary Webb Centre.
"To me the motion that was brought forward [five weeks ago] was completely irresponsible relative to what we have today," says Robertson. "So I take back all my comments of there being free money -- there isn't."
Whether or not this policy will make it easier or harder for local organizations looking for a bridge financing loan, Robertson says it's a matter of protecting the taxpayer dollars.
