Areas Served: Village of Richmond
The Village has established this low interest business loan program in order to stimulate economic growth in the Village of Richmond, Illinois by assisting with the retention and growth of the existing industrial and commercial base, providing needed financial assistance to new start-up businesses, and encouraging the development of minority and female owned businesses.
New or existing qualifying businesses will be encouraged to create and/or retain jobs which will benefit a minimum of 51 percent low-to-moderate income persons in the area.
Currently the State allows a loan of $15,000 for every full time equivalent (FTE) job created or retained.
(FTE jobs are positions consisting of a minimum of 1,950 hours worked a year).
A minimum leverage ratio of $1 non-CDAP (Community Development Assistance Program) funds to $1 CDAP RF funds must be obtained for each project.
RF funds may not comprise more than 50% of the financial for any project.
Projects of a speculative nature are ineligible for funding.
Contact InformationVillage of Richmond, Illinois
Address: 5600 Hunter Dr
City: Richmond
State: Illinois
Website:
http://www.richmond-il.com/businesses_revolving%20fund.aspx
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