County Economic Development Board Reviews Borrowers

When Effingham County received a $99,000 economic development grant a few years back, it led to a program where funds are loaned to new or developing businesses and are then repaid. When the funds are returned, they are loaned out to more borrowers.

The funds are loaned out for up to five years at 3% interest. The goal is to loan the money at a rate of $15,000 for each job created or retained.

The County's Economic Development Advisory Board Tuesday reviewed current loans. There was good news in that Steve's Liquor and Snacks west of Effingham has paid back the entirety of its loan. So has the former Retro's Pizza, despite having gone out of business for now.

With the good comes the bad, though. Members discussed one borrowers that has not repaid any funds for a year. There was discussion about turning the matter over to the State's Attorney's office for collection. The lack of response has come despite restructuring the loan for the borrower.

Despite that, the County has a balance of close to $30,000 to lend to any new or expanding business looking for financial assistance. Contact the Effingham County Board office at 342-4990 for more information on the program.

Also Tuesday, the Board and the County Board's Grants Committee heard that a restaurant is looking at opening in the former Subway building on North Route 45.

Advisory Board Chairman David Campbell reminded that a person from the Public Sector is needed to fill a vacancy created by the departure of Jane Reinheimer. Phone the County Board office if interested.