An east Moline business has paid off a loan from the Quad Cities Regional Economic Development Authority so the money could help other businesses expand

LinguiSystems Inc., 3100 4th Ave., East Moline, made a final payment of $94,660 on Dec. 18 to QCREDA before the loan was due. The company develops education materials. The regional authority, created by state lawmakers to provide long-range financial assistance to expanding companies, discussed ways it could help out other businesses during its monthly meeting Wednesday. Board member Jim Barnes suggested the authority provide gap financing for start up businesses

Others suggested creating a capital development corporation to finance other projects or use the loan fund to pay off a state loan given to QCREDA upon its creation in 1988.

LinguiSystems had borrowed $182,000 in a 20-year, low-interest loan on June 2, 1989 through a revolving loan fund originally created by the City of East Moline and then turned over to QCREDA for administration. The loan-fund proceeds were restricted during the life of the loan but are now unrestricted, according to QCREDA's auditor. QCREDA can use the proceeds to fulfill its mission, which is to finance job-creating projects in Rock Island, Henry and Mercer counties. Jeff Scherer, LinguiSystems CFO, said Wednesday he was confident the board would use it in its best interest. He was pleased to hear the board discussed various options during its meeting.