Areas Served: Quincy – 12th Street and the riverfront east to west and State to Broadway Streets north to south
Great River Economic Development Foundation’s Central Business District Revolving Loan Fund was established to stimulate revitalization of the city’s historic business district bound by 12th Street and the riverfront east to west and State to Broadway Streets north to south.
The program objective is to assist, but not replace, conventional financing sources.
ELIGIBLE PROJECTS Eligible activities for assistance include:
¢ Land or building acquisition
¢ Equipment purchases
¢ Working capital Activities not eligible for assistance include:
¢ Demolition
¢ Refinancing of existing debt
¢ Purchase of property for speculative purposes
¢ Private owner-occupied housing projects LOAN TERMS The program provides low-interest loans up to a maximum of $25,000 at a fixed 3% interest rate for eligible projects.
They may be direct loans or made in participation with a local bank.
The loan term cannot exceed five years.
Loans must be secured by collateral sufficient to assure repayment.
Acceptable security could be in the form of a mortgage or other commonly accepted instrument
Contact InformationGreat River Economic Development
Address: 300 Civic Center Plaza, Suite 256
City: Quincy
State: Illinois
Website:
http://www.gredf.org/entrepreneurs/incentives-financial-assistance/
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