Du Quoin and Carbondale to Share $1 Million in Lending

</element><element id="paragraph-1" type="body"><![CDATA[Southern Illinois Coal Belt Champion Communities, Inc. doing business as Champion Community Investments, Monday announced the closing of a $1 million loan from the United States Department of Agriculture Rural Development. The loan fund is made possible by a partnership between the cities of Du Quoin and Carbondale as well as SICBCC and the USDA. The program will provide up to $1,050,000 in low interest loan funds to businesses in Du Quoin and Carbondale. Each town is making a $25,000 match and the towns will split the total with $525,000 for each.

Du Quoin and Carbondale businesses will be able to borrow up to $150,000 at 5 percent interest rate for purposes that include real estate acquisition, construction and renovation, inventory, debt refinancing and other business uses. SICBCC has already made 35 loans to 33 businesses that total $2.1 million with private leverage approaching $7 million. SICBCC has participated in projects that total nearly $9 million.

Commercial lenders are very supportive of this program. President Rex Duncan comments, "We are very grateful to a terrific USDA Rural Development staff in this state. The success of SICBCC has been built on collaboration, including communities, counties, agencies and individuals focused on building Southern Illinois one business at a time." SICBCC is a 501(c)(3) not for profit corporation.