ROCHELLE – Flagg Township and the City of Rochelle have partnered up in an effort to bring new businesses and jobs to the community. Flagg Township is offering a loan program of up to $50,000 to businesses located within the township boundaries. The program started out statewide, but made its way to Rochelle about four years ago. It is aimed at helping economic development in smaller communities.
“The goal is to develop smaller businesses with a lower interest rate loan,” said Bob Withrow, Flagg Township Supervisor. “Along with having employment grow.”
Businesses looking to borrow money from the program must first fill out an application including many things such as, the term of the loan and a brief history of the business and past employment. The main goal of the program is bringing businesses to the community, but it hopes to increase jobs as well.
“Our secondary goal is to have employment grow,” said Withrow. “for every $15,000 we loan, the business must increase their payroll by at least one person.”
To help increase business participation, Flagg Township is working with the City Economic Developer.
“We have four loans right now,” said Withrow. “But with more advertising we are hoping that will increase.”
The Township has been doing many things to help update the community, and Withrow says this program will help continue their efforts.
“I think it is a great tool for Flagg Township and businesses need to know about it.”