One million dollars in low-interest loans is now available to small businesses in Du Quoin and Carbondale.
The money comes from the US Department of Agriculture Rural Development revolving loan fund and will be loaned out to businesses in both communities through Southern Illinois Coal Belt Champion Community, Incorporated. Organization board president Rex Duncan says the loans can be up to 150-thousand dollars at five-percent interest. Duncan says Southern Illinois Coal Belt Champion Communities lends primarily to small businesses and micro-enterprises with less than 10-employees. So far the fund services more than 30-businesses including retail, service, manufacturing, restaurants, tourism, construction and a daycare.
Carbondale and Du Quoin have exclusive rights to the million dollars for the next year. After that any funds left can be utilized by businesses located anywhere in the Southern Illinois Coal Belt Champion Communities service area. That area includes Perry, Jackson, Williamson, Franklin and Jefferson Counties.
