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micro lending requires a more hands-on approach and monitoring than traditional RDC lending.Congressman LaFalce asked if he could receive an explanation of the differences between thenew Grow Erie Fund and the existing RDC loan fund. Mr. Culliton noted that the RDC loanfund requires implementation of Davis-Bacon prevailing wage requirements but that the GrowErie Fund will not have a prevailing wage requirement, that the Grow Erie Fund will beunderwritten by NDC specialists, and is geared to allow for more aggressive lending projects.There being no further comments, Congressman LaFalce directed that the report be received andfiled.Disaster Relief Loan Program. Mr. Culliton provided board members with some generalbackground on the ability of the RDC to develop various new strategic loans assistance programsoutside of the existing RDC loan administration plan. In particular, he noted that on behalf ofthe County Executive, Deputy County Executive Tobe, the Erie County Industrial developmentAgency, the RDC, the Buffalo Niagara Partnership, and the Buffalo Niagara Enterprise met toidentify financial assistance opportunities for businesses in Erie County that have been harmedby Hurricane Sandy. As a result, an opportunity was identified to lend money to businesses inErie County – such as vendors, suppliers, etc…, that have customers in the Hurricane Sandystorm damage area, and as such, are experiencing difficulty collecting on accounts from suchclients. Mr. Poloncarz provided additional background noting that because no disasterdeclaration was made in Erie County, no disaster help would otherwise be available. Mr.Culliton noted that larger businesses can better handle disaster related issues, such that thislending initiative is aimed to help smaller businesses in Erie County. Mr. Culliton furtherdiscussed that this loan initiative is for any declared disaster, covering disasters both in and outof Erie County, and is not specifically being created only for Hurricane Sandy. Mr. Culliton thenreviewed the specific lending terms and conditions. Upon motion by Mr. Poloncarz andseconded by Mr. Lipsitz, the Disaster Relief Loan Program was approved.There being no further business, upon motion made by Mr. Loughran, seconded by Mr.Poloncarz, and unanimously carried, the meeting was adjourned at 10:07 a.m.Dated: November 19, 2012____________________________________Robert G. Murray, Assistant Secretary241474 1931295v1Page 2 of 2