Areas Served: City of Batavia
Batavia City Council approved a Micro Loan Program to assist businesses seeking small loans with a below market interest rate.
The program is a subsidiary of the city’s existing Revolving Loan Fund (RLF) program which is funded by the State of Illinois through the Department of Commerce and Economic Opportunity (DCEO).
The Micro Loan Program allows Batavia businesses to apply for low interest loans from $10,000 up to $25,000. Interested businesses will need to complete an application that will be reviewed by a newly established Business Loan Review Committee with final review and approval from the City Council.
Applications are due by the 15th of each month for consideration at the following month’s Business Loan Review Committee meeting.
The newly established Micro Loan program falls under the umbrella of the existing Revolving Loan Fund.
The new program will follow the following criteria: 1. Creating a Micro Loan Fund as a subsidiary of the Revolving Loan Fund not to exceed $100,000 in total.
2. The maximum amount of funds requested by a business cannot exceed $25,000. 3. For each $10,000 requested a job must be created or retained (job creation or retention is a requirement of the RLF program as designed by the State and must be adhered to as part of this program as well) 4. Funds can be used for a variety of business needs including acquisition, construction, rehabilitation, machinery and equipment, or installation of commercial and industrial facilities and working capital expenses.
Working capital expenses are limited to the following: inventory, employee salaries and general operational expenses.
Contact InformationCity of Batavia, Illinois
Address: 100 North Island Avenue
City: Batavia
State: Illinois
Website:
http://www.cityofbatavia.net/content/templates/?a=2899
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