Bloomington-Normal Economic Development Council CEO Patrick Hoban said interest in the McLean County Targeted Development Loan program grew after the county made several changes.
Credit BN EDC
Patrick Hoban, the EDC s CEO, said interest in the program spiked after the county doubled the loan amounts to $10,000, removed interest payments and made them forgivable for COVID-related improvements, including supplies, technology and real estate costs not covered by the state federal aid.
“If they’ve got a plan to upgrade their systems and they are buying these COVID-related items anyway, this is a great way to get a refund,” Hoban said. “That, along with zero-percent interest, helped out a ton.”
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