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.