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.
If you know of potential projects in the five-county region 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 (309) 793-6302 ext. 128 or
