QUINCY (WGEM) -- The city of Quincy is one step closer to helping local businesses after amending the proposed Economic Development Revolving Loan Program.
The proposed Q-Fund would allocate $1.1 million for a variety of businesses in Quincy to benefit from. Businesses will have the opportunity to apply for a minimum of $50,000 and a maximum of $500,000 dollars.
Co-owner of For Home and Her Chris Taylor said a program to help local businesses shows the city cares.
"The idea of a local program to help uplift businesses in the community that needs to grow and expand or just purchase inventory to get into the next season. It can make a huge difference," Taylor said.
Quincy's Director of Planning and Development, Chuck Bevelheimer, said amending the loan program could be beneficial to businesses.
"It gives the local business community another lending option. Again, this is not a primary loan it wasn't designed to be a primary loan," Bevelheimer said. "This is a secondary loan that's designed to complement existing loan structures that exist with banks and not to compete."
Bevelheimer said after the proposal was tabled by the city council the committee had to amend the proposal.
"Open up the eligibility standards to other types of commercial, retail businesses. So we had to look at our criteria to allow that to be funded," Bevelheimer said.
Taylor said he hopes the program will stay focused on the locals.
"My hope is that of course, a program like this stays focused on helping existing businesses in the local community. Or small businesses that are trying to start in our community. Rather than big corporate folks from outside of town," Taylor said.
Bevelheimer said the next steps will be for City Council to read the amended proposal at Monday's meeting.