Areas Served: Downtown Momence Illinois
In August 2009, Main Street Momence, Illinois was awarded a $99,000 USDA Rural Development Grant to established a low-interest revolving loan program.
Kankakee County provided $50,000 as the local match for the fund.
Goals of the Main Street Momence Revolving Loan Program are: – To serve as an incentive to further economic development in the downtown core – To serve as a low-interest, gap financing source – To retain employment in the downtown district – To stimulate commercial activity in the downtown district – To provide financing to business owners for a variety of needs, including repairs, equipment, building maintenance and professional fees – To recruit business and create jobs in the downtown commercial district The Low-interest Loan Program works in tandem with MSM’s Facade Grant Program to provide critical funding to our downtown business and building owners.
Program specifics include: – Minimum loan amount is $3,000; maximum is $15,000 – Interest rate is 3% – Term of loan is 5 years maximum
Contact InformationMain Street Momence
Address: 103 N Dixie Hwy
City: Momence
State: Illinois
Website:
http://www.mainstreetmomence.com/revolvingloan.aspx
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