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Park Forest trustees this week agreed to set up a fund providing low-interest loans to attract more businesses to the village and encourage existing businesses to expand.

In an arrangement with Firstar Bank, the village will deposit $250,000 for the low-interest loan fund.

Qualifying businesses will be able to get loans at interest rates of 3 percentage points below the prime rate.

Businesses applying for the loans will undergo two screenings, Village Manager Janet Muchnik said.

If a business would bring in more property tax, more sales tax and more jobs, it will be considered eligible for a loan, Muchnik said.

Eligible businesses then will be screened for credit worthiness by bank officials.