Areas Served: City of Carbondale
As a result of the receipt of Community Development Assistance Program (CDAP) grants from the Illinois Department of Commerce and Economic Opportunity, the City of Carbondale has available a Revolving Loan Fund which can be used for the establishment or expansion of businesses within the City of Carbondale, Illinois.
The initial funds originated from the federal government’s Community Development Block Grant Program.
When the City of Carbondale makes a loan from the CDAP Revolving Loan Fund (RLF), it must do so in conformity with federal and state laws and regulations.
Compliance with these laws and regulations is also required of loan recipients.
Uses of Loan Funds: Loans may be made to for-profit or not-for-profit businesses for fixed assets including land, buildings, machinery and equipment (including new construction or renovation of facilities) and to provide
working capital.
RLF loans cannot be used to refinance existing debts, finance the relocation of a business from one part of the State to another, or to finance speculative activities.
The business and the facilities financed must be located within the city limits of the City of Carbondale.
Private or Other Public Financing Also Required: Financing from individuals, financial institutions and/or other public sources must account for at least one-half of the project’s funding.
Investments made into the business prior to the approval of the RLF loan are not counted toward the private or other public financing requirement.
Maximum Loan Amount: There is a state requirement that at least one full time equivalent job must be created or retained for each $15,000 of RLF funds invested in a project.
Interest Rate: The RLF loan interest rate will be no lower than necessary to facilitate the business project.
Loans will be made for no less that a 3% interest rate
Contact Information
City of Carbondale
Address: 200 South Illinois Avenue
City: Carbondale
State: Illinois
Website:
https://ci.carbondale.il.us
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