Areas Served: Champaign county, Illinois
The Champaign County Community Development Corporation (CDC) is a multibank community development corporation that promotes small business start-up and expansion and generates employment opportunities for lower-income residents of Champaign County, Illinois.
The CDC provides debt and equity financing to qualifying small businesses.
Its underwriting criteria maintains a balanced investment portfolio with respect to return, risk, minority opportunities, job creation, and local economic impact.
The CDC finances, promotes and encourages commercialization, adoption, or implementation of advanced technologies, processes, and products.
CDC investments include both debt and equity financing.
Funds may be used for working capital, machinery and equipment or real estate.
The Corporation was organized by the Champaign County Regional Planning Commission on behalf of the Champaign County Board.
Creation of the CDC was funded in part by a grant from the Illinois Department of Commerce and Economic Opportunity Terms
¢ Minimum loan amount: $10,000.
¢ Maximum loan amount: Depends on available balance
¢ CDC funds up to 50% of project cost
¢ Applicant must invest at least 10% equity
¢ Minimum 1:1 financing match with a CDC member bank
¢ 1% loan origination fee
¢ Interest rate: Prime +/- 2%
¢ Loan terms:
¢ Working capital: up to 5 years
¢ Machinery & equipment: 5-7 years
¢ Real estate: 10 years
¢ Senior position preferred on identifiable assets
¢ One full-time job must be created for every $10,000 to $25,000 of CDC funds invested
Contact InformationRegional Planning Commission
Address: 1776 East Washington Street
City: Urbana
State: Illinois
Website:
http://www.ccrpc.org/economic/businessloans.php
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