By Heart of Illinois ABC
BLOOMINGTON – Seven McLean County businesses are the first to receive what amounts to free money from local government to help them survive the COVID-19 pandemic.
A couple of months ago, the McLean County Board approved the Targeted Development Loan program, offering small businesses hundreds of thousands of dollars in forgivable loans that don’t have to be paid back.
The money can be used to boost businesses’ online sales, which has become especially important because customers worried about COVID’s spread might be reluctant to make in-person purchases.
The Bloomington-Normal Economic Development Council is administering the program. Wednesday, the EDC’s president and CEO Patrick Hoban announced the first seven recipients to receive the public money.
- Meltdown Creative – 409 East Washington Street, Bloomington ($20,000)
- Coffee Hound – 915 East Washington Street, Bloomington ($10,000)
- Finish Line – 138 Veto Street, Chenoa ($10,000)
- Ohm Fit Active Wear – 102 West North Street, Normal ($10,000)
- Papa G’s – 204 South Seminary Street, Downs ($10,000)
- Proving Ground – 1503 East College Avenue, Normal ($10,000)
- Tony’s Tacos – 105 West Front Street, Bloomington ($10,000)
After this first round, Hoban said $525,000 remains available to eligible businesses.
The county board previously set up a program offering each business up to $5,000 to be paid back with a 1% interest rate, but it generated little enthusiasm.
Hoban said small businesses were much more interested in receiving larger dollar amounts with no interest.
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