Economic development incentives to assist the redevelopment of the Heart of Peoria, Illinois
Tuesday, May 26, 2009
Revolving Loan Fund - Current Position
The City of Peoria developed a Revolving Loan Fund ( RLF) in 1988 with a $500,000 grant from the Federal Economic Development Administration matched by $269,323 in City funds, for a total fund of $769,323.00.
Since inception the City has made forty (40) loans that totaled $3,477,966.50.
Twenty five of those loans have been paid back in full which, with the repayment total of $1,816,716.50.
As of April 30, 2009 the amount currently lent to Peoria companies is $1,527,250.00. The City has an additional $367,566.17 available for Peoria businesses.