October 22, 2014 – Ms. Donna Moritz, Revolving Loan Fund Program Administrator, stated since the inception of the Bi-State Revolving Loan Fund program in 1986, nearly $9.4 million has been loaned to 102 businesses in Rock Island and Scott Counties.  These loans have helped generate approximately $134 million in total investments, accessing city and state public financing programs, financial institutions, and company equity.  In addition, over 3,400 jobs have been created/retained in the two-county area.  Ms. Moritz reviewed a new loan made for a manufacturing business expanding and in need of a fixed asset gap loan.  Currently, there is approximately $341,000 available to loan with the repayment loan pool growing by $10,000 each month.

 

Bi-State Revolving Loan Fund	RLF Guidelines	RLF Actual
Job/Cost Ratio	1 : $7,500	2.7 : $7,500
Private: Public Dollar Ratio	$2 : $1	$5 : $1
Job Creation Retention	1,247	3,405

Since 2009 when the Mercer-Muscatine Revolving Loan Fund was created, there have been $190,000 loaned to businesses.  These loans have helped generate nearly $1.3 in total investments.  Ms. Moritz reviewed a new loan made for a service business expanding and in need of a fixed asset gap loan.  Currently, there is $350,000 available to loan for Mercer and Muscatine County businesses.

Mercer-Muscatine Revolving Loan Fund	RLF Guidelines	RLF Actual
Job/Cost Ratio	1 : $15,500	2.1 : $15,500
Private: Public Dollar Ratio	$2 : $1	$5.8 : $1
Job Creation Retention	12.5	26

If you know of potential projects in the 5-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 This email address is being protected from spambots. You need JavaScript enabled to view it..