Delaware bill could allow more funding to be added to the state’s Volunteer Fire Service Revolving Loan Fund
DELAWARE – A bill in Delaware could allow more funding to be added to the state’s Volunteer Fire Service Revolving Loan Fund.
Right now in the First State, the loan fund that volunteer fire companies pull from can only get funding from the General Assembly.
This new bill would open up means of funding to outside donors including charitable organizations and counties of the state.
“Senate Bill 86 will expand the people who can actually contribute to the revolving loan fund in the state of Delaware,” said Sen. Russ Huxtable, the bill’s primary sponsor. “The revolving loan fund is a fund where our local fire companies can access low interest loans to help purchase equipment.”
Sen. Huxtable said the bill came about after talks with the Delaware Volunteer Firefighters Association.
“I wanted to see how I could improve it and when digging into code, they were like it really works well and I said well would it work better if more people were able to donate to it to help your mission and they said of course,” said Sen. Huxtable.
Executive Manager of the Delaware Volunteer Firefighters Association Norman “Jay” Jones said the bill would allow outside donors to contribute to the Delaware Volunteer Fire Service Revolving Loan Fund.
“This bill will allow outside agencies such as foundations, estates and others to go ahead and put money into this program as well, not just having received money from the state,” said Jones.
Jones said this bill is needed is because there aren’t enough funds currently in the program.
“It’s a wonderful program that’s shown to be successful and the balance stays pretty low because it is successful, a lot of the volunteer fire companies take advantage of the program,” he said, “but it’s not enough that we see we need more money into the program in order to loan out to help these fire companies out.
Jones said the interest on the loans averages at 2% or lower.
The bill will go before committee hearings either this week or when lawmakers return from their spring break.
