Money
available for new or expanding businesses
Although the state of
Illinois is tightening the budget belt, money is still available for new or expanding
business opportunities. Madison County has low-interest funds available for up
to seven years. Contact the Community Development office at 618-692-8940.
The State of Illinois' Department of Commerce and Economic Opportunity has a number of business development programs.
Participation
Loan Program
DCEO works with banks and other conventional lenders to provide financial
assistance to small businesses that will employ Illinois workers. The state
will participate in loans up to 25 percent of the total amount of a project,
but not less than $10,000 nor more than $750,000.
Development
Corporation Participation Loan Program
DCEO participates with Development Corporations to provide financial assistance
to small businesses that will employ Illinois workers in the region served
by that Development Corporation. The state can participate in loans up to
25 percent of the total amount of a project, but not less than $10,000 nor
more than $750,000.
Minority, Women and Disability Participation Loan Program Similar to the Participation Loan Program, except that participations may not exceed 50 percent of the total project, subject to a maximum of $50,000.
Illinois Capital Access Program
The Illinois
Capital Access Program (CAP) is designed to encourage financial institutions to
make loans to small and new businesses that do not qualify under conventional
lending policies. CAP is a form of loan portfolio insurance which provides additional
reserve coverage to the lender on loan defaults. By participating in CAP, lenders
have available to them a proven financing mechanism to meet the needs of financial
institutions and Illinois small businesses.
For the four programs above, applications may be submitted at any time. For information, call 217-782-3891 or 312-814-8534.
Business
Development Public Infrastructure Program
Provides low-interest
financing to units of local government for public improvements on behalf of businesses
undertaking expansion or relocation projects that meet the program criteria and
demonstrate great potential for creating and retaining jobs. The infrastructure
improvements must be made on public property and must directly result in the creation
or retention of private sector jobs. The local government must demonstrate clear
need for financial assistance to undertake the improvements. Applications may
be submitted at any time. For information call 217/785-6193.
Facade
Program
Public dollars to assist commercial re-development in the
Hartford downtown. Eligible projects consist of exterior facade renovations. Call
618.251.2681 ext 15 for details.