Areas Served: Fulton, Hancock, Henderson, Knox, McDonough and Warren Counties.
Purpose-Loan purposes are for community development of new businesses, expansion of existing businesses, creation of employment or saving existing jobs.
Eligible Borrowers include corporations, partnerships, sole proprietorships, LLC’s, units of government, fire protection districts, water districts, and similar public service districts.
Use of Funds can be for fixed assets including land, buildings, machinery and new equipment, new construction or renovation of existing facilities, working capital for start-up or existing businesses, pollution control and abatement, transportation services, debt refinancing, feasibility studies and educational institutions.
Terms are flexible to meet the needs of the borrower.
Interest rates are three points below prime never to exceed 9.5% or go below 5.5%.
Collateral such as inventory, equipment, land, buildings, mortgages, accounts receivable, vehicle titles, fixtures and personal assets/assignments, etc.
are required.
Maximum funds can be up to $175,000 or 62.5% or project costs, whichever is less.
Application fee is $100. Funds are targeted in the counties of Fulton, Hancock, Henderson, Knox, McDonough and Warren.
Contact Information
Prairie Hills Resource Conservation and Development
Address: 321 W. University Drive
City: Macomb
State: Illinois
Website:
https://www.prairiehillsrcd.org/
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