March 2nd, 2011Loans Launch Dreams For Small Businesses
Rhonda Groh is about to see her dream come true. She soon will open her own bakery — called The Bakery — at 1314 Washington St., Davenport, inside Johnny’s General Store.
But Groh says she could not have seen her dream become reality if not for Davenport’s new Small Business Loan program, a federally funded program that comes via the city’s Community Development Block Grant, or CDBG, funds.
In order to qualify, a project must accomplish at least one of the national objectives set up by the CDBG program, to benefit low- to moderate-income people, according to Susanne Knutsen, economic development coordinator with the city’s Community Planning & Economic Development Department.
Since July when it began, the Small Business Loan program has assisted five businesses with loans totaling $60,000.
“We have helped assist two contractor/construction companies, one bakery, one elderly/disabled transportation business and one retail store.” Knutsen said. “In total, our funds were utilized to help retain and/or create 10 full-time equivalent jobs. As required by the program, at least 51 percent of these jobs must be held by a low- to moderate-income person at time of hire.”
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