Canton, IL – The Spoon River Partnership for Economic Development has a new revolving loan fund.
Direcator Mark Rothert says his development group has received $99,000 from the USDA Rural Development.
Rothert says the funds will be used to establish a revolving loan fund for Canton area businesses.
He says such funds are usually used for "gap financing," covering needs between what commercial loans provide and what a business actually needs to get started.
Interest rates are usually lower than the prime rate.
Rothert says the interest rate for the new revolving fund has not yet been determined. He says he has formed a loan committee, but has not yet formulated the guidelines for the loan program.
The Spooon River Economic Development Partnership has the goals of helping businesses get started or expand in the Canton area.