The Peoria City Council on Tuesday adopted an ordinance to fund a microloan and financial services organization.
The organization, named Justine Petersen, offers loans to small businesses and homeowners to get the access to capital they need to be successful. These loans are usually in smaller amounts than what banks are interested in lending.
Councilmember Denise Moore described it as a way to help low-income business owners make their dreams a reality. She applauded the organization for also offering counseling and help with improving credit scores.
Councilman John Kelly voted against the motion. He said he supports the service as being a benefit for the community but didn’t want taxpayer money used to fund it.
Two TIF funds are being tapped for $5,000 each and the general fund will add $30,000 toward the administrative and start-up costs of the new organization.