Areas Served: City of Loves Park
The City of Loves Park, Illinois Revolving Loan Fund’s (RLF) purpose is to assist economic development by making low interest loans to Loves Park businesses that are expanding and creating new jobs.
All loans will be made within the following criteria: 1. Revolving Loan Fund monies will make up no more than 50% of the total project costs.
The remaining project costs will be provided by private financial institutions (such as banks or savings and loans), owner’s equity, or other governmental programs.
2. At least one full-time job must be created or retained for every $15,000 of RLF funds requested.
All job creation must take place within 12 months of receipt of RLF funds.
3. RLF loans may fund the following activities: – acquisition of land, buildings, and fixed assets – site preparation, construction or rehabilitation of commercial and industrial buildings – clearance, demolition, removal of buildings and improvements – working capital (inventory and direct costs only) 4. Interest rates for RLF loans will be not less than 3% and not more than 8%.
Interest rates for each RLF project will be set on a case-by-case basis
Contact Information
City of Loves Park, Illinois
Address: 100 Heart Blvd.
City: Loves Park
State: Illinois
Website:
https://www.loves-park.il.us
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