Areas Served: Henry, Mercer and Rock Island Counties
Project NOW, Inc. CAA has established the CSBG Loan Program to assist financial small businesses for either start-up or expansion projects.
The purpose of this loan program is to create and retain jobs for low-income persons and to promote economic growth in Henry, Mercer and Rock Island Counties in Illinois.
The CSBG Loan Program is intended to fill the gap in conventional financing, not to duplicate the financing of private lenders.
In general, the loan program could lend 20% – 30% of a total loan project at a fixed rate of 5% for up to 10 years.
The remaining 70% – 80% of the loan package must be obtained through a local bank (with or without SBA participation) and owner equity.
Loan program funds may be used for machinery, equipment, inventory and/or working capital.
Funds may not be used for land or building purchases, construction or renovation; those needs would fall under the private lender’s funding.
In addition, potential loan projects must plan to create and maintain one full-time equivalent job for a low-income person or persons for every $20,000 (or part thereof) of CSBG loan funds.
The hiring must be completed within the first two years of the loan.
Contact InformationProject NOW, Inc
Address: 418 19 th Street
City: Rock Island
State: Illinois
Website:
http://www.projectnow.org
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