Areas Served: Rock Island countyand Scott Counties
The Revolving Loan Fund (RLF) Program provides gap financing for business startups or expansions that create or retain jobs.
It is open to businesses in Rock Island and Scott Counties and assists businesses primarily related to industry, light manufacturing and service industry.
The Progress is tied to job creation/retention with loan terms of $7,500 per job (additional dollars per job may be considered with high paying job offering generous benefit packages).
A 10% equity injection by the owner along with a personal guaranty.
Interest rate as low as 4% below prime with a minimum of 4% allowed and a term not to exceed 10 years.
Total dollars loaned to date are $8.2 million for 90 transacations creating over 2,800 jobs.
The RLF program targets businesses that cannot obtain full financing because of conventional interest rates and lending/exposure limits applied by local lending institutions.
It is intended to provide the funds that complete the financial package by financing the “gap” created by these conditions.
The program offers low interest loans to industrial, commercial, light manufacturing, retail and service industries for expansion and development purposes.
Funds can be used towards the purchase of fixed assets (land, building and equipment) and for working capital purposes.
Contact InformationBi-State Regional Commission
Address: 1504 Third Ave
City: Rock Island
State: Illinois
Website:
http://www.bistateonline.org/ser/eco/eco.shtml#rlf
Leave a Reply