The Quad-City Community Development Co. has announced two new business financing programs available to Quad-City businesses.
The organization, formed in 2002 to spur economic development, is a consortium of 11 area banks formed to make nontraditional business loans to qualifying companies. The program is administered and marketed by the Quad-Cities Chamber of Commerce.
The two financing programs are the CDC Business Loan Program and the CDC Equity Investment Program.
The loan program provides financing to small- and medium-sized businesses needing gap financing for working capital, technology, building expansions or modernizations that will create or retain jobs. The investment program supports entrepreneurs by providing financing to start and grow new markets and to create new employment opportunities.
Financing would typically be awarded in addition to traditional bank or other financing and usually would not exceed $50,000, but can vary depending on the project, according to representatives of the organization.
The 11 area banks involved in the Quad-City Community Development Co. are American Bank & Trust Co., BankORION, Blackhawk Bank & Trust, First Midwest Bank, JP Morgan Chase Bank, MWABank, Quad-City Bank & Trust, Southeast National Bank, The National Bank, US Bank and Wells Fargo Bank.