September 28, 2016 – Donna Moritz, Revolving Loan Fund Program Administrator, presented the Commission with information on the Bi-State Revolving Loan Fund (BSRLF). The BSRLF is celebrating 31 years of providing gap financing to businesses. Since the inception of the program in 1985, over $10 million has been loaned to 107 businesses in Rock Island and Scott Counties. These loans have helped generate approximately $437 million in total investments, accessing city and state public financing programs, financial institutions, and company equity. In addition, nearly 3,800 jobs have been created/retained in the two-county area. Currently, there is approximately $753,000 available to loan with the repayment loan pool growing by $5,000 each month.
Ms. Moritz also presented the Commission with information on the Mercer-Muscatine Revolving Loan Fund Program. There have been $598,000 loaned to businesses in Mercer and Muscatine Counties. These loans have helped generate over $43 million in total investments. Currently, there is $143,000 available to loan for Mercer and Muscatine County businesses.
Ms. Moritz also reported that Henry County’s RLF, administered by Lori Merrill, has $222,000 available to loan to Henry County businesses.