• Feb 12, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Business Invest: Small Business program supports Illinois small businesses by enabling financial institutions to offer interest rate reductions on loans to new and existing small businesses.

For each approved Business Invest: Small Business project, the Treasurer’s Office deposits funds at a below-market rate with the financial institution providing the loan to the business.

This below-market cost of funds in turn enables the financial institution to offer a reduced interest rate on the business’s loan.

This reduced interest rate is available for up to the first 5 years of the loan.

Before applying for the Business Invest program, please ensure that your financial institution has approved your loan and agreed to use the Business Invest program in conjunction with that loan.

Please note that the financial institution will underwrite the loan according to its normal credit standards and requirements.

The Business Invest program does not provide a guarantee or other form of credit enhancement.

Eligibility: – Business must be a for-profit entity located in the state of Illinois.

– Business must have maximum gross annual revenues of $3 million, or up to $5 million if the business is located in a low-to-moderate income area.

Loan Participation: The Treasurer’s Office may lower the interest rate on up to $1 million per loan.

Interest Rates: The maximum interest rate available through the program is currently 5.00%.

The below-market interest rate is available for an initial 2 years with the possibility of renewal for an additional 3 years based on satisfactory compliance with program guidelines.

Eligible Uses of Funds: The program may be used in conjunction with term loans financing the following types of costs: – Real estate – Construction – Furniture, fixtures and equipment – Permanent working capital and other costs that may be included in a term loan



Contact Information
Illinois State Treasurer
Address: 400 W Monroe
City: Springfield
State: Illinois

Website: http://www.treasurer.il.gov/

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