PEORIA, Ill. (WMBD) — $1.4 million is coming to the City of Peoria through a CARES Act Recovery Assistance Grant.

The grant comes from the U.S. Department of Commerce’s Economic Development Administration (EDA).

The funding is set to support grant programs for businesses hurt by the pandemic in Peoria.

“The economic impact on Peoria by COVID-19 and state-mandated closures is being felt across our community,” said Rep. LaHood. “Congress provided significant resources in the CARES Act to support impacted businesses and their employees, as well as workers who were furloughed or laid off. This grant funding award will provide additional support to businesses hurting from this pandemic and I applaud the Trump Administration for directing these federal resources to our community.”

The funding is set to cover losses businesses have endured these last few months.

“The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by President Donald J. Trump, provides the Economic Development Administration with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus,” Rep. LaHood’s statement read. “The funding provided in this grant will administer a Revolving Loan Fund for businesses impacted by COVID-19 and state-mandated closures in the Peoria community, providing those in need with liquidity quickly to help cover losses incurred during this pandemic.”

Mayor Ardis told WMBD this is great news for the City of Peoria.

“The grant of $1,419,00 million is a NEW grant.  It represents a new capital fund of $1,290,00 to be made available for business loans, plus $129,000 for administration expenses,” said Peoria Senior Administration Specialist Cesar Suarez.

“We are very excited about the EDA grant of $1.4 million.  This will allow us to start a new capital fund and provide loans with attractive terms to help businesses recover from COVID-19.  Loans will have the lowest interest rates, as low as 0%. deferred payments, up to 12 months, and extended terms, up to three times the asset life.  We are waiting for EDA to review our Revolving Loan Fund Plan and will bring it to Council for approval within the coming weeks,” Mayor Jim Ardis told WMBD.

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