Areas Served: Dewitt County, Illinois
The Dewitt County Development Council Revolving Loan Fund is a short-term loan (between 3-5 years) with low-interest rates between 3% – 5% for businesses in Dewitt county.
A volunteer Finance Advisory Committee will review the application.
Loan payments to the DCDC RLF begin within 30-60 days of loan approval.
Leverage Requirement: $1 in private funds for every $1 in Revolving Loan Funds.
Private funds can be a blend of bank funds and individual or company funds, or bank funds or individual or company funds.
Eligible Participants:
- Commercial, Retail, and Industrial Businesses expanding or locating in DeWitt County.
- Small, private businesses (defined as those with less than $1 million in annual projected gross revenues and which will employ 50 or fewer new employees)
- 51% of the outstanding interest in the project has membership or is owned by those who are either citizens of the US or reside in the US after being legally admitted for permanent residence
Loan Amount:
- $3,000 – $116,950
- Not to exceed 50% of the total project cost.
Use of Proceeds: Mixed Assets (land, structure, equipment), Working Capital (inventory, salaries, general operational expenses), equipment installation costs
Loan Rates: 3% – 5% fixed term loan, not to exceed life of the asset(s)
Job Criteria: One (1) Full-time equivalent job created/retained for every $15,000 from the RLF Program.
There must be at least 51% benefit to low/moderate income persons (as defined by JTPA) documented by the participant.
Contact Information
Dewitt County Development Council
Address: 116 Warner Ct
City: Clinton
State: Illinois
Website:
https://www.dcdc-illinois.org
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