By HOI ABC

BLOOMINGTON – The chance to receive free money instead of a loan apparently sparked interest among McLean County businesses to take advantage of local government assistance to get them through the COVID-19 pandemic.

Back in October, the county board approved a $600,000 Targeted Development Loan Program, offering small businesses forgivable loans that don’t have to be paid back instead of low interest loans, according to our news partner HOI ABC.

Wednesday evening, the president and CEO of the Bloomington-Normal Economic Development Council, Patrick Hoban, told the county board’s finance committee that 27 businesses have applied for the money, and six of them have completed their paperwork.

“We’ve had a ton of interest in this, which is fantastic,” said Hoban.

“I think as soon as you guys said ‘forgivable,’ the phones started ringing off the hook,” Hoban said.

Hoban estimated about $70,000 would be awarded initially. He said businesses would use the money to boost online sales.

“A lot of them are looking at the new web technology for online ordering. A lot of our small restaurants and retailers don’t have that in place, and this technology allows people to order from home,” Hoban also said.

A previously approved program offering up to $5,000 at a 1% interest rate didn’t generate much enthusiasm, EDC officials said. The forgivable loan program offers up to $10,000 for eligible businesses.