Areas Served: City of Kewanee

The City of Kewanee, Illinois Revolving Loan Fund is designed to increase capital availability to projects that create/retain jobs in Kewanee by spreading the risk among lenders and by reducing the cost of capital to the borrower.

In most instances, financing through the City of Kewanee Revolving Loan Fund €œfills the gap€ between project costs and conventional financing.

Allowable Use of Benefits: Funds can be used for fixed assets including land, buildings, machinery, and equipment (including new construction or renovation of facilities) and working capital.

Funds cannot be used to refinance existing debts, finance the relocation of a business from one part of the State to another, to finance speculative activities, or for start-ups.

Eligibility: For profit and not for profit companies located within the municipal boundaries of the City of Kewanee are eligible to apply.

Loan Amount: Funding is limited to 50% of total project costs and the borrower must provide a minimum of 10% equity into the deal.

For every $15,000 borrowed, 1 job must be created or retained.

First position on loan collateral is normally required.

Rate: Interest rate is set at a minimum of 3%.

Term: Maximum of 7 years.

If the amount borrowed is less than $50,000, the term is set at a maximum of 5 years.

Contact Information
Kewanee Economic Development Corporation
Address: 404 E. Third St.,
City: Kewanee
State: Illinois


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