Economic Opportunity

              Eldorado, Illinois – In an effort
to create more jobs and assist
businesses develop economic
opportunities throughout the
Southern region, Illinois State
Treasurer Judy Baar Topinka’ s
Office is providing more than
$2.2 million in low-interest
loans to two local manufactur-ing
companies -- Southern
Custom Foam Inc. and Preci-sion
Mine Repair Inc. The de-posits
were completed through
Topinka’ s State Treasurer’ s
Economic Program (STEP).
The $880,000 loan from the
Treasurer’ s Office will help to
increase production of the
existing manufacturing plan and
provide for the creation of 60
new jobs immediately, with an
additional 40-100 new jobs
anticipated within the first full
year of operation.
Precision Mine Repair Inc is
primarily an underground con-struction
company located in
Ridgeway, Illinois offering ser-vices
to all underground mines in
Illinois, Indiana, and Kentucky.
Precision Mine Repair’ s STEP
loan was provided through Peo-ples
National Bank in Harrisburg,
Illinois and Southern Custom
Foam’ s STEP loan was provided
through Banterra Bank in Ridge-way,
Illinois.
$2.2 Million to Southern IL Manufacturing
$150 Million Emergency Drought Relief Program
Victims of the severe drought
which has affected thousands of
agriculture producers through-out
the State over the last sev-eral
months can now apply for
low-interest loans through local
participating financial institu-tions.
The State Treasurer’ s
Office has pledged $150 million
in low-interest loans through
local financial institutions in the
101 counties affected by the
drought. The U.S. Agriculture
Secretary Mike Johanns issued a
disaster declaration as a result
of the severe drought condi-tions
that have caused huge
crop losses. Farm service agency
assessments report that 117,000
Illinois farmers have suffered
production losses this year.
That includes 74,000 farmers
who estimated that the drought
had destroyed 30% or more of
their cops and 16% who said
they’ ve lost the year’ s crops all
together. The rate to Ag pro-ducers
the day the loan pro-gram
opens will be 4.64 per-cent,
with rates changing
monthly. During the six month
term of the loan, the borrower
only has to make interest pay-ments
to the bank, with the
principal coming due at the end
of the term. The loan program
will be available until Oct. 31,
2005.
ILLINOIS
STATE
TREASURER
Volume 1, Issue 2 October 15, 2005
SPRINGFIELD OFFICE
Cory Jobe
217-557-6436
cjobe@treasurer.state.il.us
Christie Sullivan
217-557-6436
csullivan@treasurer.state.il.us
Mindy Varley
217-558-6215
mvarley@treasurer.state.il.us
David C. Freeman
217-558-6222
dfreeman@treasurer.state.il.us
CHICAGO OFFICE
John Hoffman
312-814-1244
jhoffman@treasurer.state.il.us
John Cieslik
312-814-1788
jcieslik@treasurer.state.il.us
Michael Smith
312-814-8951
msmith@treasurer.state.il.us
Inside This Issue
Manufacturing
Drought Relief
Legislative Update
Collateral Reduction
Smart Women
Smart Money
Galesburg Financial
Workshop
We’ re on the web @
www.state.il.us/treas/
Office of the Illinois State Treasurer Judy Baar Topinka
Division of Economic Opportunity
Springfield Office Chicago Office
300 West Jefferson Street 100 West Randolph, Suite 15-600
Springfield, IL 62702 Chicago, IL 60601
Fax 217-557-6439 Fax 314-814-3716
SENATE GOP
DROUGHT SEMINARS
DeKalb/Ogle Counties
October 18th at 6:30 PM,
Kishwaukee College, Malta, IL
Boone/Winnebago Counties
October 19th at 6:30 PM
NIU Rockford Campus, Rockford, IL