Areas Served: City of Quincy
Goals and Objectives: To preserve and promote the Quincy economy by providing financial incentives that will encourage private investments for new and expanding businesses that will result in the creation and/or retention of jobs.
Eligibility: Any new and/or expanding manufacturing business, distributing, warehousing, packaging and processing facilities, office industries (including corporate, professional and technical) that create or retain permanent jobs and demonstrate a significant payroll and other long-term economic benefits to the Quincy area.
Eligible Project Costs: Land and/or building acquisition, structural rehabilitation, expansion, machinery and equipment, furniture and fixtures and working capital.
Loan funds cannot be utilized to refinance existing debt.
Types of Loans: Participation Loan – A financial institution must participate with a matching term loan.
Direct Loan – This is a high-risk, venture capital component of the program, subject to loan committee approval.
Link Deposit Loan – The city makes discounted deposits with the participating bank, allowing the bank to lend directly to the borrower at below market rates.
Loan Guarantees – Makes financing available by guaranteeing repayment of principal for loans made with bank.
Interest Rates and Loan Terms: Loan terms and rates are determined by agreement between the Participating Lender and City on a case-by-case basis.
Loans would be structured to provide the borrower a lower blended rate.
Loan Security/Collateral: Loans must be secured by collateral sufficient to assure repayment.
Acceptable security could include: a mortgage on land, building and/or equipment; and in some projects, assignment of warehouse receipts and accounts receivable.
A personal guarantee from each major principal in the company is a requirement.
A life insurance policy matching the city’s loan and naming the city of Quincy as beneficiary is required from each major principal in the company.
Contact InformationCity of Quincy, Illinois
Address: 706 Maine Street
City: Quincy
State: Illinois
Website:
http://www.ci.quincy.il.us/government/CityDepartments/PD/development
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