Areas Served: Jo Davies County
The Jo Daviess County Revolving Loan Fund (RLF) is established to provide a source of financing, which may not otherwise be available within the county, for expanding or start-up businesses.
Used to fill a “financing gap” in a business development project, the RLF offers a low-interest option to complete a financing package.
A gap occurs when the business lacks the funds to meet the equity requirements of bank financing or needs a lower interest rate.
Uses of Revolving Loan Fund: - Land and building acquisitions.
- Site preparation and land development costs - Building construction.
- Building renovation.
- Tenant improvements - Machinery and equipment.
- Inventory and working capital.
Job creation or retention ratio: – Job creation: One full-time permanent job created for each $20,000.00 loaned.
- Job retention: One full-time permanent job retained for each $20,000.00 loaned.
Loan limits: Loans shall not be made for less than $20,000.00 and may not exceed 25% of the total amount of the financing package up to $100,000.00. Terms: Rate: 2 points below Prime Rate, adjusted as Prime Rate changes.
Interest rate floor of 4.50% variable.
Terms: Not to exceed 10 years
Contact InformationJo Daviess County Economic Development
Address: 300 North West Avenue
City: Elizabeth
State: Illinois
Website:
http://www.jodaviess.org/index.asp?SEC=60307C32-ADD0-4427-98F6-B0FA5FD9DB36&Type=B_BASIC
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