October 25, 2017 – Jim Tank, Bi-State Revolving Loan Fund (RLF) Board Member and RLF Program Representative to Bi-State Regional Commission, noted that the Bi-State Revolving Loan Fund is celebrating 32 years of providing gap financing to businesses. Since the inception of the program in 1985, nearly $10.5 million has been loaned to 109 businesses in Rock Island and Scott Counties. These loans have helped generate over $439 million in total investments, accessing city and state public financing programs, financial institutions, and company equity. In addition, nearly 3,900 jobs have been created/retained in the two-county area. Currently, there is approximately $700,000 available to loan.
Donna Moritz, Revolving Loan Fund Program Administrator, reported that there have been $598,000 loaned to businesses in Mercer and Muscatine Counties using the Mercer-Muscatine Revolving Loan Fund Program (MMRLF). These loans have helped generate over $43 million in total investments. Currently, there is $255,000 available to loan for Mercer and Muscatine businesses.
The Merrill Hotel and Conference Center, a MMRLF loan recipient, is a cornerstone project for Muscatine’s downtown and its redevelopment. The project includes an 114-room hotel, conference center and ballroom, two-story parking garage, and associated outdoor improvements.
Ms. Moritz also reported that Henry County’s Revolving Loan Fund, administered by Lori Merrill, has funds available to loan to Henry County businesses.