Areas Served: Village of Atkinson
The Village of Atkinson’s Revolving Loan Fund (RLF) is financed by the Illinois Department of Commerce and Economic Opportunity.
The RLF program is intended to assist in the creation of new and the expansion of existing businesses in the Village and to assist in resolving deficiencies in critical community facilities.
AREA SERVED.
Funds must be utilized for facilities located within the Village or to be located (through new construction or annexation) within the Village.
LOAN USES.
Acquisition of land; construction, expansion, renovation, modernization, machinery and equipment.
COLLATERAL.
Required.
The Village is willing to subordinate to other lenders.
FEES.
No application or loan origination fees.
INTEREST RATE AND TERMS.
The rate may vary depending on need, term or duration of loan, security and risk of loan.
The term of the loan shall not exceed 10 years.
JOB CREATION.
(Maximum public money per job created/retained).
A minimum of one permanent job shall be created or retained in the Village for each $10,000 of RLF loan excluding any business which provides as needed community service.
PERSONAL GUARANTY.
Required.
PROCESSING TIME.
Undetermined.
PROJECT SIZE.
The amount of any single loan from the RLF shall not be less than $1,000 nor more than $40,000 expecting non-profit businesses providing community services.
Contact InformationVillage of Atkinson
Address: 107 S. State Stree
City: Atkinson
State: Illinois
Website:
http://www.hcedp.com/LinkClick.aspx?fileticket=vXDtSbDqvLk%3D&tabid=847
Leave a Reply