Areas Served: City of Galena
The Economic Development Revolving Loan Program is a competitive loan program administered by the City of Galena, Illinois staff and the Community Development Fund of Galena, Inc., a local not-for-profit development corporation.
Projects located within the City of Galena and the surrounding one and one-half mile area are eligible for this program.
All projects financed thru the use of Economic Development Revolving Loan Funds shall involve the participation of a conventional lending institution.
Economic Development Revolving Loan Fund participation shall be limited to a maximum of 50% of the total project costs including Conventional Bank Financing, Equity, any Public Financing such as State Community Development Assistance Program or any other financing.
Participation shall also be limited to a maximum of $10,000 per job being created.
Economic Development Revolving Loan Funds shall carry an interest rate ranging from 3% to 8%, the actual rate to be determined by the Community Development Fund of Galena, Inc. Board of Directors.
The term for loans made from the Revolving Loan Fund shall vary depending on use: 1. Land and Building — Not to exceed 20 years 2. Machinery and Equipment — Not to exceed 7 years 3. Working Capital — 1 to 3 years
Contact Information
Community Development Fund of Galena, Inc
Address: 312.5 North Main St
City: Galena
State: Illinois
Website:
https://www.cityofgalena.org/
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