Areas Served: City of Galesburg
The Galesburg Chamber of Commerce offers access to several business loan programs for Galesburg, Illinois businesses.
GDC SSA Facade Grant Program The GDC Façade Grant Program is designed to assist property owners and businesses with exterior visual improvements to building facades, including new signage, awnings, or historical restoration.
¢ Maximum grant: Taxed Properties: $7,500 Tax Exempt Properties: $2,000
¢ Grant paid upon GDC approval and successful completion of project
¢ Grant amount based on percentage of total project cost: – Taxed Properties – Up to 35% of total project cost not to exceed $7,500 -Tax Exempt – Up to 25% of total project cost not to exceed $2,500
¢ Project must be completed within 6 months of committee approval date
¢ Purposed project may not start until GDC approval has been received.
¢ Application Requirements:
GDC Business Development Program This new grant aims to provide financial incentives through initial rent reduction to perspective businesses that want to locate a business in the special service area.
¢ Eligibility The Downtown Council will award up to $3,000 in rent funds when the property owner agrees to offer matching funds for free rent to a perspective tenant.
Awards are based on term of lease and amount of free rent offered by the property owner.
¢ Grant Terms 3-year Lease – 3 Months up to $3,000 2-year Lease – 2 Months up to $2,000 1-year Lease – 1 Month up to $1,000 * To be eligible, property owners must guarantee the lease is completed in full or refund the Downtown Council the pro-rated award amount.
¢ Application Process Steps Schedule initial consultation with the Galesburg Downtown Council prior to signing lease agreement
City of Galesburg SSA Revolving Loan The SSA Revolving Loan is a low interest loan for interior building code work, facades, and business start-up within the boundaries of the Special Service Area.
Maximum loan – $20,000
¢ Loan amount shall not exceed the lesser of the following: -$20,000 -Current Fund Available -75% of project cost for façade renovations w/non-CDAP funds -50% of project cost for facades, code improvements and startup costs using CDAP funds -Sum of $10,000 for each full-time equivalent job created or retained + 20% of estimated increased assessed value of property + 5% of increased gross annual sales resulting from project
¢ Facade Loan Rate: 0% up to 7 years or 3% for 7 to 10 years (non-CDAP funds)
¢ Term of loan shall not exceed 7 years for code improvements and business startup costs at 3% interest
¢ Eligible borrowers exclude residential developments and non-profit corporations
¢ Project must be initiated within 6 months of council approval
Prairie Hills Downtown Revitalization Loan The Prairie Hills Downtown Revitalization Loan is a low interest loan for exterior façade work and repair, interior HVAC or other efficient improvements.
Maximum loan – $15,000
¢ Loan amounts not to exceed $15,000 may be borrowed per business.
Loan terms not to exceed (10) years
¢ Interest rates are fixed at 4%
¢ Required collateral (inventory, equipment, land, buildings, etc.
)
¢ Eligible borrowers include corporations, partnerships, sole proprietorships and LLCs.
¢ Application Requirements: -Brief company history -Project description, estimated time frame for completion -Construction cost estimates/quotes -If business is leased or rented, permission from the building owner must be obtained -Tax returns for the previous (2) years -Profit and loss statements -Current balance sheet
Contact InformationGalesburg Area Chamber of Commerce
Address: PO Box 749
City: Galesburg
State: Illinois
Website:
http://www.galesburg.org/financial_program.html
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