From news release
    Rock River Current
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    ROCKFORD — A $1.6 million federal grant awarded to Rockford Local Development Corporation will help small businesses in Boone, Winnebago and McHenry counties recover from the pandemic and create jobs.

    The money comes from the American Rescue Plan through the Economic Development Administration of the U.S. Commerce Department. RLDC will contribute $400,000 to establish a $2 million revolving loan fund for small businesses to apply for gap financing.

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    The Region 1 Planning Council helped RLDC apply for the grant through its role as an Economic Development District for the three-county region. Connecting entrepreneurs and small businesses with capital to grow jobs is part of the region’s economic development strategy.

    RLDC is a Rockford-based nonprofit organization that since 1986 has helped small businesses in northern Illinois with a variety of financing tools.

    The organization expects the new loan fund to help create 100 jobs, retain 25 jobs and generate $6 million in private investment.

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