The Effingham County Economic and Grants Advisory Board is looking to use returns on their Revolving Loan Program to help stimulate economic growth in the area. The program began when the county was awarded a USDA Rural Development Grant to be loaned out to businesses or individuals looking to create new businesses or expand expand existing ones. According to Board Chairman David Campbell, the program has already led to success stories in the community.
Individuals interested in taking a loan from the program can contact the county office at 217-342-4990 and will be required to make a proposal to the Economic and Grants Advisory Board. Campbell said that the goal of the program wasn’t to make money or compete with banks, but rather to fill a gap in funding. The loan fund currently has around $34,000 use to support local growth.
In other action, the board reviewed the state of current loan borrowers and considered reducing the monthly payments owed by Chase Cardboard.