Administration: Government Assistance Program
Peoria County Courthouse, Room 502
Office Hours: Monday through Friday 8:00 A.M. to 5:00 P.M.
Tel:(309) 672-6056, Fax:(309) 672-6054
Peoria County offers financial assistance to entrepreneurs and business owners seeking to start or expand a business, respectively, through its Government Assistance Program. The Government Assistance Program, or GAP, is a revolving loan program that helps "fill the GAP" between traditional private financing and a project's cost by offering low interest loans. Funding for the program is provided through the State of Illinois with Community Development Assistance Program grant funds.
Any qualified start-up or existing industrial, commercial or service-oriented business located in Peoria County that will create and/or retain jobs is eligible for GAP financing. Owners must be able to prove the development or expansion would not occur without GAP financing. GAP financing may be used for any of the following:
• land and/or building acquisition
• construction, renovation or leasehold improvements
• machinery and/or equipment purchases
• inventory and working capital
The Government Assistance Program meets the County Board's goal of growing the economy. To better meet our goal, some conditions do apply. To grow the economy we must also grow our quality workforce; therefore, loan recipients shall be able to document that a minimum of 51% of project funds will benefit persons of low to moderate income. Likewise, at least one full time or two part time jobs shall be created and/or retained for every $10,000 loaned.
Through its Government Assistance Program, Peoria County may loan up to $150,000 per applicant. GAP financing, however, is limited to 25% of the total development or project cost. This 25% must be able to leverage the remaining 75% of funding from conventional lending sources or owner equity. The interest rate of the loan shall be fixed at 3% below the prime rate, with a minimum rate of 3%. These and other terms and conditions are detailed in our Government Assistance Program brochure.
Entrepreneurs and business owners seeking to fund development or projects that attract sizable private investment, have solid commitment to create or retain permanent jobs, and demonstrate financial feasibility and benefit to persons of low or moderate income should consider GAP financing through Peoria County. Currently, Peoria County is financing six new and seven existing local businesses for a total of $1.5 million. Financing for these 13 current GAP participants has created or retained over 300 jobs.
Peoria County Government's promotion of economic growth through the Government Assistance Program imparts multiple benefits to the community: job opportunities for persons of low to moderate income; quality workforce development; increased new business; and retention of current business. Entrepreneurs and business owners wishing to take advantage of this low interest financing should contact:
Phone: (309) 672-6056
Economic Development Council
Phone: (309) 495-5953