LaHood Announces EDA Investment into the Peoria Innovation Hub

Peoria, IL – Congressman Darin LaHood (IL-18) today announced that the Economic Development Administration (EDA) awarded the Peoria Innovation Hub with $2 million to support the conversion of an existing building into the new Distillery Labs' business assistance and incubator space. The funding, which was included in the CARES Act, is estimated to help support 400 jobs and leverage $10 million in private investment. 

"Encouraging and supporting the next generation of innovators is critical to the COVID-19 economic recovery," said Rep. LaHood. "The Peoria Innovation Hub will help all of Peoria County and the Greater Peoria Community expand entrepreneurial opportunities and spur economic investment. I was proud to support this funding in the CARES Act and I look forward to seeing the work Distillery Labs' will do to develop the future of central Illinois innovators."

Background:

This EDA investment supports the Peoria Innovation Hub with converting an existing building into the new Distillery Labs’ business assistance and incubator space in Peoria County, Illinois. Formerly occupied by Illinois Central College, the 67,000 square foot building will be redeveloped to accommodate programming related to entrepreneurship and start-up development, including leasable and shared office space to accommodate incubator tenants. Once completed, the project will help the region recover from the COVID-19 pandemic and diversify its economy with new local start-ups, which will increase entrepreneurship, bolster job creation, spur private investment, and advance economic resiliency throughout the region.

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