New loan program will help create jobs and rehabilitate vacant homes

ROCKFORD, Ill (WIFR)--- The city of Rockford along with Winnebago County, the Northern Illinois Community Development Corporation and multiple banks have created a new loan opportunity to help community members.

With more than $4.5 million in funds to lend, the main objects are to lend to small businesses to help create jobs and to individuals looking to rehabilitate vacant residential structures for home ownership.

"Someone goes to a bank, wants to buy a building, they don't have the required down payment, we want to see them buy that building and hire people and pay more taxes and do all the things that help create healthy communities," says executive director John Phelps with Rockford Local Development Corporation.

The loans will be funded and available within the next thirty to forty-five days. For more information on how to apply, the city of Rockford is encouraging people to contact the RLDC.