NORWICH – The City of Norwich Common Council implemented a new loan monitoring practice this month that ensured that all economic development and community development loans would become current or the necessary actions would be taken.

At Tuesday night’s council meeting, Fourth Ward Alderman and Finance Committee Chair Walter Schermerhorn updated the council on the status of the economic and community development loans. Schermerhorn told the council that the city has 15 separate community and economic development loans totaling approximately $325,900. Schermerhorn said that seven of those loans are current and one is currently in the process of being restructured, which accounted for 70 percent of the loan funds.

As of last month, City Finance Director William Roberts had said that seven of the loans had remained without payments for a period of approximately five months.