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Peoria council approves loan program with Bell Bank

Posted 6/22/20

City Council approved the use of up to $200,000 to provide additional security for small business emergency loans to Peoria small businesses, and authorized the city manager to enter into an …

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Peoria council approves loan program with Bell Bank

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City Council approved the use of up to $200,000 to provide additional security for small business emergency loans to Peoria small businesses, and authorized the city manager to enter into an agreement with Bell Bank to administer the loan program.

The city has implemented a number of services and programs to assist struggling local businesses that have been negatively affected by the COVID-19 pandemic and/or resulting government restrictions. In an effort to provide more options for Peoria-based businesses, the city has partnered with Bell Bank to develop the Peoria Small Business Emergency Loan Program. These loans are for businesses that need access to funding to help meet working capital needs or normal operating expenses through the recovery period.

To help ensure more funding opportunities for local businesses the city would act as a guarantor for the loan. Applicants must meet certain eligibility requirements to be qualified for the loan. Loans will be awarded on a first-come, first-serve basis to qualified applicants and may serve as many as 40 eligible businesses. The program will end Dec. 31, or when the total guaranteed amount is loaned, whichever comes first.

Program benefits include: loan amounts between $5,000 and $20,000, low fixed interest rate, favorable repayment terms  (up to 48 months) and first payment deferred up to 120 days.