Business loan fund launched

Katie ArnoldJP In The News, News


Small business loans of up to $50,000 are being made available in Champaign County through the new COVID-19 Recovery Champaign County Small Business Microloan Fund.

The loans are intended to help disadvantaged small businesses and entrepreneurs in Champaign County, according to the Champaign County Economic Development Corp.

There is a total $2 million available in loan funds. The goal is to hep about 100 new and existing eligible businesses, with a focus on those that don’t qualify for traditional loans.

The fund was established with $250,000 of the American Rescue Plan Act funds allotted to Champaign County, with the non-profit Justine Petersen Housing and Reinvestment Corp. working with Busey Bank and PNC Bank to leverage the county funding.

“As part of our strategic plan, we’ve been working to develop more opportunities for area small businesses to access capital, said Carly McCrory-McKay, the economic development organization’s executive director.

To learn more about applying for a loan, contact Tristan Brown, the Illinois operations manager for Justine Petersen, at or call 217-494-0884.

There will be an open office hour for drop-ins from 2-3 p.m. March 30 at the organization’s location at the Champaign County Economic Development Corp., 1817 S. Neil St., C.

Regular office hours are 8:30 a.m. to 4:30 p.m. weekdays or by appointment.