October 23, 2013 – Donna Moritz, Revolving Loan Fund Program Administrator, presented the Commission with information on the Bi-State Revolving Loan Fund Program. She stated since the inception of the program in 1986, nearly $9.4 million has been loaned to 101 businesses in Rock Island and Scott Counties. These loans have helped generate approximately $133 million in total investments, accessing city and state public financing programs, financial institutions, and company equity. In addition, 3,401 jobs have been created/retained in the two-county area. Ms. Moritz reviewed the 6 new loans made in the last year for over $485,000. Four projects were fixed asset loans and the other two were for working capital needs. Five businesses were expanding and one was a start-up endeavor. Two companies were industrial, two were service, one was retail, and one was a retail/ manufacturing combination. Currently, there is approximately $176,000 available to loan with the repayment loan pool growing by $10,000 each month.
Mark D. Hunt, Economic Development and Public Safety Manager, provided a brief summary of the Mercer/Muscatine County Revolving Loan Fund. The fund has been in existence since 2010 and made its first loan in August 2012. The initial loan of $150,000 leveraged $650,000 private investment and created 25 jobs. Currently, there is $850,000 available to loan. Bi-State staff continues to market the program and has meeting with lenders in Muscatine and Aledo on November 5 and 6.
If you know of potential projects that will create new jobs and needs public loan assistance to supplement conventional financing, please contact your local government=s economic development staff or Donna Moritz at This email address is being protected from spambots. You need JavaScript enabled to view it. or (309) 793-6302 ext. 128, or Mark Hunt at This email address is being protected from spambots. You need JavaScript enabled to view it. or (309) 793-6302 ext. 131.