Business
10:40 pm
Tue December 3, 2013

Thrive Capital closing doors on South Side

The former Blaine-Sumner building in Peoria would have housed Thrive Capital.
The former Blaine-Sumner building in Peoria would have housed Thrive Capital.
Credit Alex Rusciano/Peoria Public Radio
Thrive Capital Partners is closing down on Peoria’s South Side after a brief opening earlier this year.  The group aimed to help people at all levels of the start-up business spectrum set-up shop in the former Blaine-Sumner building.  The operation came-in $50,000 under its crowd-funding goal last month.  Founder Tim Kreuger says the lack of financial investment was important in deciding to close:

 “But more important is the membership of people wanting to be involved on a day-to-day basis and that’s where the biggest concern came from because that is the future of that HUB and that social entrepreneurship is people involvement on a daily basis,” Krueger says.  

 Kreuger says fewer than 10 people signed up as formal members of Thrive Capital.  Peoria County spent $60,000 in federal grant money for a feasibility study of Thrive Capital.  Officials say the study could support future efforts to launch a start-up incubator in the area.