WBRP accepting applications for small business microloan program

Posted on February 3, 2020
The West Bloomington Revitalization Project is located at 724 West Washington Street. (Photo Facebook/West Bloomington Revitalization Project)

 

By Neil Doyle

BLOOMINGTON – A local organization is offering an alternative to traditional loans to bring small businesses to Bloomington’s west side.

The West Bloomington Revitalization Project microloan is a lending option specifically designed for operations that may not qualify for loans from traditional lending institutions.

The organization gave its first microloan to the former Rosy’s Grill on West Market Street. The restaurant has moved to Farmer City as a local group hopes to build a new grocery store in the West Market Street plaza.

WBRP Secretary Bevin Choban said the microloan to Rosy’s was successful as the business was able to pay back the money. She explained who’s eligible for the funds.

“An entrepreneur who is hoping to start a business or an existing business that would like to utilize this money is eligible, as long as they are operating their primary businesses on Bloomington’s west side,” said Choban.

She explained the program started because the organization wants to spur growth in the neighborhood.

“Also the reinvestment and economic development of the neighborhood was one of the key focuses on Bloomington’s comprehensive plan,” Choban said.

WBRP is considering awarding up to two or three microloans. A link to the application and more information is available here. The deadline to apply is Feb. 15.

Neil Doyle can be reached at [email protected]

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