Areas Served: Bloomington and Normal, Illinois
Economic Development Council of the Bloomington-Normal Area has developed a Community Development Corporation (CDC) which allocates low-interest loans, arranges venture and angel capital investment and develops unique financing mechanisms that will induce economically-viable projects in partnership with both the private and public sectors of Bloomington-Norma, Illinois.
Several products are available to the Bloomington-Normal, Illinois business community.
These include: Micro-Enterprise Loan Fund Encourages the development of small businesses by extending a marginal line of credit.
All expansions and start-ups will be eligible with the exception of businesses engaged in non-viable ventures.
Funds may be used for the purchase of equipment and material.
Revolving Loan Fund I (RLF I) Funding for site development and infrastructure extension costs, construction of new facilities or additions, renovation of existing facilities, leasehold improvements, the purchase of new or used machinery or equipment and working capital.
This fund currently exists and is managed through agreement by the EDC for McLean County.
Revolving Loan Fund II (RLF II) RLF II differs from RLF I in the restriction of job creation metrics for fund disbursement.
Capital will be used for site development and infrastructure extension costs, construction of new facilities or additions, renovation of existing facilities, leasehold improvements, the purchase of new or used machinery or equipment and working capital.
Contact InformationEconomic Development Council of the Bloomington-Normal Area
Address: 200 W College
City: Normal
State: Illinois
Website:
http://www.bnbiz.org/Local-Business-Resources/Incentives-Financing-(1).aspx
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