Economic Advisory Board Talks Revolving Loan Conditions

Effingham, IL / Effingham Radio
Economic Advisory Board Talks Revolving Loan Conditions

Borrowers interested in using Effingham County’s revolving loan program to start a new business will be subject to some new rules. At Tuesday’s Economic Advisory Board, members discussed the possibility of adding some incentives to encourage borrowers to keep up with loan payments. Chairman David Campbell said that the board would be looking through their contracts to see where they could add the new conditions.

“We are going to look at possibly implementing some stiff interest penalties if they [borrowers] don’t pay on time or possibly a set, flat fee if they pay on time,” Campbell Said. No changes to the loan contract will impact current borrowers.

The revolving lone fund currently has around $36,000 available for local startups or businesses looking to expand. “For every $15,000 we lend out, we like to see a new employee come on, or retained if a business is in jeopardy of losing that employee. We can step in and help them,” Campbell remarked. Anyone interested in a loan should call the county at 217-342-4990.

The board also discussed the state current borrowers at the meeting. All but one have been on contact with the board and making payments. Effingham County State’s Attorney Bryan Kibler was directed to take legal action against one borrower who broke off contact with the board. There was no new business.

Campbell discusses implementing new rules for county loan fund.

Download the free Effingham Radio app for music, news, contests and more!

     

Top Stories

More