I-74 Low Interest Loan Program
Moline wants to help any of its small businesses that might be losing customers due to construction of the new I-74 Bridge. Tuesday night the city council will consider a proposal to offer the "I-74 Low Interest Loan Program."
City Planner Jeff Anderson says the program would offer loans from 2,500 to 10,000 dollars, at one per cent interest. Borrowers would only have to pay off the interest for five years, then the balance of the loan would be due.
"It's not meant to finance a new business opening up - there are other products for that kind of thing. But if a business is experiencing difficulty with cash flow due to a disruption that's related to the bridge, then this might be something that they could access to help out."
He says it's very similar to Moline's revolving loan program, so it's ready to go as soon as the city council approves. And it will primarily be aimed at businesses downtown, with up to 15 employees.