Microloan program to help small businesses in Champaign

CHAMPAIGN, Ill. (WAND) — The Champaign County Economic Development Corporation has partnered with Champaign County, nonprofit group Justine PETERSEN, Busey Bank, and PNC Bank to provide a microloan program for small businesses in Champaign.

Champaign County allocated $250,000 to establish the program. Board member Chris Stohr said this can provide new entrepreneurs with extra support.

“Where business consultants tell us that they fall down is because they don’t know the mechanics and the finances of how to run a business, so this not only provides capital for them to make the initial investment but also some technical and consulting support,” said Stohr

Executive Director at the Champaign Economic Development Corporation, Carly McCrory-McKay says the loan is only for certain small businesses.

“This microloan program is specifically dedicated to those who need funding at the $50,000 and under mark. We have a really thriving small business community here, small businesses are the backbone of our economy, so we not only want to support the businesses that we have but we want to help new businesses get off the ground,” said McCrory-McKay.

Justine PETERSEN will host open house hours starting March 15th from 10-11 am and on March 30th at 2-3 pm at 1817 S. Neil Street, Suite 100 in Champaign.