Illinois Offers Below-Market-Rate Loans Meant To Boost Business In Quad Cities
The state of Illinois has begun issuing new loans specifically meant to help economically depressed communities generate new business.
The Community Uplift Program targets small banks in areas struggling with stagnant job growth.
During a visit to the Quad Cities, state treasurer Mike Frerichs explained how it works: the state lends money to small banks at below-market rates. Those banks in turn lend the money to local business owners.
"It does a lot more good for the Quad Cities if we get more money out into the community than it does sitting in a bank account in Springfield."
However, not all banks in the Quad Cities qualify for the program.
For example, Frerichs said, Blackhawk Bank and Trust is too big.
If you want to apply for one of these loans, you’ll need to find a bank with fewer than five branches, with one of those branches located in an enterprise zone, which is what the state deems economically depressed areas.
The Quad Cities has a few of these, mostly in East Moline and Silvis.
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