Areas Served: City of Geneseo
The City of Geneseo’s Revolving Loan Fund (RLF) is financed by the Illinois Department of Commerce and Economic Opportunity.
The RLF program makes low-interest loans to businesses/industries who are creating and retaining permanent jobs for low to moderate income persons, and who are in need of financing project gaps and leverage of private financial investment.
The RLF program offers a low fixed interest rate, flexible term gap financing and a subordinate security position.
Refinancing of existing assets or speculative ventures are not eligible uses of the funds.
AREA SERVED.
Incorporated limits of the City of Geneseo LOAN USES.
Acquisition of land; construction, reconstruction, installation or rehabilitation of commercial or industrial buildings and working capital expenses limited to: inventory, employee salaries, general operational expenses and advertising/marketing expenses.
COLLATERAL.
Required.
The City is willing to subordinate to other lenders.
FEES.
One hundred dollar ($100.00) fee per application may be charged from cooperating banks who assist in processing the application.
INTEREST RATE AND TERM.
A minimum of four points below the current treasury bill rate for loans of similar amount and term, however, no interest shall be less than 3.5%.
The term of the loan shall not exceed ten (10) years.
JOB CREATION.
(Maximum public money per job created/retained).
One permanent full-time position or two-part time positions must be created or retained for each seven thousand five hundred dollars ($7,500) borrowed.
A minimum of fifty-one percent (51%) of jobs created or retained must benefit low to moderate income persons.
PERSONAL GUARANTY.
Required.
PROCESSING TIME.
Approximately 14 days after submission.
PROJECT SIZE.
RLF participation may not exceed twenty five percent (25%) of the project cost to maximum of $50,000.
Contact InformationCity of Geneseo
Address: 101 S. State Street
City: Geneseo
State: Illinois
Website:
http://www.hcedp.com/LinkClick.aspx?fileticket=vXDtSbDqvLk%3D&tabid=847
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