The City of Marseilles has teamed up with Ottawa Savings Bank Twin Oaks to provide no-interest Community Development & Assistance Program loans for up to $10,000 per business.
The program will work this way -- Marseilles will deposit funds into a five-year CD and the bank will pay three-quarters of a percent on the deposit. Meanwhile, the bank loans the city the same amount as the deposit, as a draw-down. Then Marseilles loans money to business owners, who pay back the loans over five years.
You can access the application online. Marseilles Mayor Jim Hollenbeck says that teamwork is needed right now and that this program is teamwork at its finest.