PEORIA HEIGHTS, Ill. — Peoria Heights Mayor Michael Phelan announced Wednesday a stimulus plan to help local small business owners.
“The Village Board of Peoria Heights approved a mortgage and rent subsidy program that is a streamline program designed to assist village businesses in the BDD (Business Development Districts) districts with rent and mortgage payments,” Phelan said.
Phelan said the Village will have a surplus of over $500,000 as they end the fiscal year.
“Our fund balances are safe and they’re secure, and with a lot of unknowns, having cash is on hand is going to be important,” Phelan said.
Officials remain in contact with businesses in the Village.
“We have family owned businesses,” Phelan said. “And, they are dependent on taking a paycheck out of those businesses.”
The Village is setting aside $330,000 for business owners in the two Business Development Districts to help with mortgage or rent payments. A maximum of $1,500 are available on a first come, first serve basis.
Administrator Dustin Sutton said the amount given depends on the mortgage.
“If someone has a $1,000 mortgage and they apply, they’ll get the $1,000 and not the full $1,500,” Sutton said.
Officials are looking at a 10 day turn around.
“We wanted to make sure it was a short application, and a short turn around,” Sutton said.
