Areas Served: City of Blue Island
The City of Blue Island has entered an economic resurgence stimulated by the planned leverage of its transportation and natural resources; significant residential development; the restoration of environmentally contaminated properties to new commercial and industrial uses; and tax incentives for revitalization of the City’s traditional main street’ shopping district.
A special loan fund has been developed to help small business owners benefit from this revitalization.
This fund offers private funding in conjunction with existing private financing programs to better leverage the benefits of both.
Program Details Great Lakes Bank has pledged $5,000,000 to the Blue Island Development Loan Fund to facilitate investment in Blue Island.
This Fund coupled with an array of sponsored loan and grant programs is intended to provide a low cost financing alternative to conventional commercial lending.
ADMINISTRATION: Great Lakes Bank & CenterPoint Small Business Development Center LOAN AMOUNTS: Up to $1,000,000 new construction Up to $500,000 acquisition & rehabilitation AMORTIZATION: Up to 300 months RATE: Variable, LIBOR (90 day) plus 175 basis points Fixed, 5 year US Treasury rate plus 275 basis points
Contact InformationCity of Blue Island, Illinois
Address: 13051 Greenwood Avenue
City: Blue Island
State: Illinois
Website:
http://www.blueisland.org/business/incentives/
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