(WCSJ Stock Photo)

The Coal City Village Board last week voted to create a new loan program for area businesses.

The Revolving Loan Program is designed to help Coal City businesses mitigate the costs associated with the ongoing COVID-19 pandemic. Village Administrator Matt Fritz explained the program to board members Wednesday night:

Fritz said the village did not find any financial institutions willing to partner with them on this program due to most banks being busy with other federal and state relief loans. Because of this, the village alone will be financing the 25 loans.

For more information on this program, visit the Coal City Village website.