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City Wants to Clean Out Economic Development Loan Funds
The City of Galesburg's Economic Development Director says he hopes to essentially clean the city out of all the money it would have to loan out.

Cesar Suarez told the Galesburg City Council during a budget work session this week he hopes to have one-point-one million dollars to loan out to current or potential businesses in 2009, through the city's three loan funds.

Suarez says what's more, he'd like to be able to create what he calls an "Entrepreneurial Opportunity Fund" that he says could be used to help existing businesses grow. "(We should) set aside from funds, to encourage either existing businesses to try out new market opportunities, product lines, or market areas, or to have people who are looking to start up a business and provide them grant funds," Suarez said. "I've seen this done in other communities where you actually give a grant to a business that's looking to start up in your community."

Suarez says he'd also like to see completed a review of city codes, especially to help out the upper levels of downtown buildings, to see if they can either be used by businesses or as housing.

Suarez says another idea he has in order to get people to shop in Galesburg -- create a gift certificate program with the Galesburg-Area Chamber of Commerce, similar to one merchants on Seminary Street already have in place.
11 07 08 by Newsroom
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