Areas Served: Livingston county, Illinois
The Greater Livingston County Economic Development Council Commercial Revolving Loan Program, has been established to stimulate, promote and assist in the development, redevelopment and revitalization of Livingston County, Illinois by forming a consortium of lending institutions that will participate in funding loans for business creation and expansion, as well as financing the construction, expansion, restoration and/or rehabilitation of commercial and industrial properties located in Livingston County.
Eligible Expenses Loan funds may be used for the start-up costs of a new or expanding business venture, including operations, inventory, equipment and machinery.
Loan funds may be used to pay for Capital Improvements such as renovating property as necessary to make it comply with applicable building, property maintenance, life safety codes, to replace mechanical equipment and/or to make it functional for a particular use.
Loan funds can also be used for new construction and expansion of existing facilities.
Loans funds may not be used to pay for non-structural, cosmetic improvements unless such work is included in the overall rehabilitation and renovation of a property.
Loan Term All loans shall have a maximum term of ten years.
Interest Rate All loans made by the Program shall bear interest at a rate better than or favorable to normal borrowing rates.
Contact Information
Greater Livingston County Economic Development Council
Address: 210 W Water St
City: Pontiac
State: Illinois
Website:
https://glcedc.org
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