County supports lending company

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June 25, 2009

STAFF REPORT The Commercial-News Thu Jun 25, 2009, 09:21 PM CDT

DANVILLE — Vermilion County board committee members heard a presentation Thursday on a loan program available to Vermilion County businesses.

Julie Lester of Danville spoke to the executive committee as a representative of Fairway Commercial Lending during a meeting Thursday night.

The loan program, according to Lester, targets small business owners in qualifying low income areas by offering loans with below market interest rates and favorable terms.

A potential business must be located within a qualifying low income Census tract. Lester said as much as 95 percent of the county is eligible for the loans, based on boundaries drawn on 2000 Census figures.

As much as $31 million is available in Illinois this year through Fairway Commercial Lending, Lester said.

County Board Chairman Jim McMahon offered support of the plan, saying his office would pass along the information to people who contact the county office.

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