Peoria County looking to expand loan policy to non-profits

May 18, 2015

Peoria County has millions of dollars it can loan to businesses to boost economic development. The program could also include dollars for not-for-profits.

 The County loans money to qualified small and medium sized businesses to help grow the tax base and create jobs.  

 But it’s traditionally steered clear of loaning money to not-for-profit groups because of uncertain future funding. 

  County Board chairman Andrew Rand says the policy needs to be re-visited:

 “And I think that’s shortsighted, I think there are tremendous examples in the community of non-profits that certainly can pay their bills.”

 Several not-for-profit groups have contacted county staff in recent months seeking loan-funding for various capital projects.  The issue heads to county committee next week for further review.