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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.
[Congressman Darin LaHood]
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