Areas Served: Quincy – 12th Street and the riverfront east to west and State to Broadway Streets north to south
The revolving loan fund was established to increase the availability of financing to industry, to encourage economic development and to create new jobs for Adams county, Illinois residents.
Activities eligible for the use of fund monies must be directly related to economic development.
ELIGIBLE BUSINESSES All existing industries and businesses within Adams County, as well as those willing to locate in the county, are eligible.
MINIMUM / MAXIMUM LOAN AMOUNT There is no set minimum or maximum dollar amount for this program.
However, the Adams County RLF will not normally participate at more than 50% of a particular project.
Nor will the fund typically commit more than 10% of the RLF to a particular project.
USE OF PROCEEDS Eligible activities for assistance include:
¢ Land acquisition
¢ Building construction
¢ Expansion or renovation
¢ Machinery and equipment purchase
¢ Working capital costs including inventories
¢ Employee wages/salaries
¢ General operational expenses
¢ Advertising and marketing The RLF may not be used to service or refinance any existing debt.
LOAN TERMS The term of the loan is based on use of funds and/or terms of the participating lender, subject to approval by the Adams County Revolving Loan Committee.
INTEREST RATE A minimum interest rate of 3% has been established.
Interest rates are typically below market rates.
Contact InformationGreat River Economic Development
Address: 300 Civic Center Plaza, Suite 256
City: Quincy
State: Illinois
Website:
http://www.gredf.org/wp-content/uploads/2010/12/Adams-County-Illinois-Revolving-Loan-Program1.pdf
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