Areas Served: City of Fairfield
Both the City of Fairfield, Illinois and Wayne County have low interest revolving loan funds (RLFs) available for qualifying businesses.
Qualifying To qualify a borrower must have a good credit history.
As a rule a RLF project would be financed with at least one-third of the borrower’s cash, one-third from a bank loan, and one-third from the RLF.
In some cases a borrower has been able to negotiate with his bank so that the bank’s portion of the project financing has been more than one-third of the total.
In these cases the borrower’s cash must be at least 10% of the total.
In any case the city or county’s portion of the project cannot be more than one-third.
Terms One full-time job must be created or retained for each loaned RLF increment of $15,000. At least 51% of those jobs must go to low-to-moderate income individuals.
Historically the RLF interest rate has been fixed for the term of the loan at 4.5%.
When considering the duration or length of the loan, the city or county will attempt to duplicate what the participating bank offers.
Contact InformationCity of Fairfield, Illinois
Address: 121 East Main Street
City: Fairfield
State: Illinois
Website:
http://www.fairfield-il.com/incentives.html
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