With support from Champaign County American Rescue Plan funds, as well as Justine PETERSEN Housing and Reinvestment Corporation, Busey Bank, and PNC Bank, the Champaign County Economic Development Corporation is now able to offer microloans to entrepreneurs and small businesses, particularly those who do not qualify for traditional lending. They are planning to help 100 new and existing businesses in Champaign County, with loans up to $50,000 each.
From CCEDC Executive Director Carly McCrory-McKay, “As part of our strategic plan, we’ve been working to develop more opportunities for area small businesses to access capital. It has been a priority for our organization to partner with local and regional financial institutions and governmental agencies to increase these opportunities and to collaboratively address barriers minority businesses experience in accessing the capital needed to start and grow their businesses. We’re grateful to Champaign County, Busey Bank, and PNC Bank for committing funds to make this microloan program a reality. We look forward to working with Justine PETERSEN and our regional economic development partners to ensure the fund is successful.”
You can read more about the fund at the CCEDC website.