Areas Served: Du Page County
The purpose of the loan fund is to provide funding to entrepreneurs who wish to develop or expand a business within DuPage County, Illinois and who are willing to create employment opportunities.
Financing: – This is a loan program – The loan has a fixed rate – The interest rate charged is 3% and may not exceed 4 points over the national prime rate – The amount borrowed may not exceed 49% of project costs – The term of loan is not to exceed 10 years Eligibility: – To be eligible a business must meet the size guidelines for a small business – To be eligible the business must be organized as a forprofit – To be eligible the business must be located in DuPage County, Illinois Use of Funds: – Funds may be used to purchase machinery, equipment, inventory, or to provide working capital (money available to meet current obligations).
Job Creation: – One job must be created for each $20,000 borrowed.
– The required hiring must be completed within the first 24 months of the loan – At least 50% percent of the new employees must be hired in the first 12month period – For the purposes of this hiring time frame, the loan is considered consummated on the date the borrower first receives the loan funds – The jobs created must be retained for at least 24 months from the date of hire – To ensure that no personnel cuts were made by the business in the anticipation of the pending loan, the state shall have the right to review the borrower’s employment verification records at the time of the loan closing
Contact InformationDuPage County Office of Economic Development
Address: 2525 Cabot Drive
City: Lisle
State: Illinois
Website:
http://choosedupage.com/resources/financing/
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