Effingham, IL-(Effingham Radio)- Effingham County’s loan board says all current borrowers are making their required payments, a positive sign as members look toward expanding local business lending opportunities.
At the latest meeting, the board discussed applying for the Intermediary Relending Program, known as IRP. Members also began reviewing possible guidelines, loan terms, borrower requirements, and the creation of an IRP loan application specifically for Effingham County. Several businesses have already expressed interest in the program, and board members are reviewing information and gathering ideas ahead of the next meeting.
The board is also updating its current Revolving Loan Fund brochure and application. A second RLF grant of $99K has been received. Of that, $75K has already been loaned out, including $40K to Janes Auctions, LLC, and $35K to S&K Ventures. That leaves roughly $25K still available for future loans.
In board membership news, members accepted Larry Taylor’s resignation and reviewed two applicants to fill his seat: Courtney Yockey and Matthew Koester. After discussion, the board recommended Yockey, with final approval now going to the full county board. Members also recognized Taylor’s knowledge, commitment, and years of service.
Comments