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Winnebago County hears update on revolving loan fund; Rockford LDC says fund is sustainable and focused on small-business lending
Summary
Rockford Local Development Corporation briefed the Winnebago County Board on administration of the county's HUD-originated revolving loan fund, reporting about $1.4 million in fund balance, roughly 20 outstanding loans and a broader housing-rehab effort seeded by county support.
Rockford Local Development Corporation gave a briefing to the Winnebago County Board on Thursday on the county's revolving loan fund, explaining how the program supports small-business lending and a county-seeded housing rehabilitation initiative.
The presentation described the RLF as gap financing that usually sits behind a bank loan and is intended to help businesses buy buildings, expand or finance equipment. John Phelps, a presenter for Rockford Local Development Corporation, told the board the fund had a balance of about $1.4 million and that the county portfolio includes roughly 20 outstanding loans totaling about $1.1 million, with an average loan size of about $56,000.
That financial profile matters because the fund originated from U.S. Department of Housing and Urban Development money that passed to the county through state…
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