The Business Development Fund (BDF) helps local businesses begin or expand and assists firms outside Peoria to relocate here. The intent of the Program is to use the BDF in targeted redevelopment areas for projects that create or retain jobs, especially for low and moderate income persons.
Business Development Funds are used as secondary financing. Secondary financing is the concept that additional, subordinate financing is essential for certain projects that would not otherwise meet standard underwriting criteria. Applications are analyzed to ensure normal credit is not otherwise available on terms and conditions which would permit successful completion of the project.