PEORIA, Ill. (WMBD) — A total of $2 million will help turn an existing building into the new Distillery Labs’ business assistance and incubator space for the Peoria Innovation Hub.
That investment from the Economic Development Administration (EDA) was announced Thursday by U.S. Congressman Darin LaHood (R-IL). He said the funding is expected to help support 400 jobs and leverage $10 million in private investment.
The 67,000 square foot building was formerly occupied by Illinois Central College. As part of its redevelopment, it will house programming focused on entrepreneurship and startup development, including office space that can be leased or shared with incubator tenants.
Upon completion, the project is expected to help the region recover from the COVID-19 pandemic, diversify its economy with new local start-ups, boost job creation and spur private investment, and advance economic resilience.