Illinois State Treasurer Michael Frerichs announced a comprehensive loan program that commits $500 million in new money to flow through local banking institutions to help individuals obtain loans at below-market rates.
“Invest in Rural Illinois” is believed to be the largest economic development program for rural Illinois to ever come from the treasurer’s office.
“No one should be looking to Mike Frerichs to decide who qualifies for loans around the state, so we partnered with local banks that are already in the communities. They know the business people there, they have relationships and we want to partner with them. So we deposit money into their banks, which they in turn, loan out,” Frerichs said.
Frerichs was in Monmouth this week to introduce the program to the area.
The $500 million will fund the newly developed “Community Uplift Program.” It will provide money to lending institutions specifically to fund business growth or expansion. The capitalization also will support the already popular “Ag Invest” program that helps family farmers and the “Finally Home” program that supports those who might not qualify for a traditional mortgage product. “Finally Home” can be used for first-time home-buyers.
written by Mike Weaver