Areas Served: Kankakee County
The Revolving Fund Program is a major component of the County’s economic development incentives package and is made available through the Department of Commerce and Economic Opportunity’s Community Development Assistance Program.
The Fund was established to provide financial assistance, through low-interest loans or grants, to new or expanding businesses in Kankakee County, Illinois which helps develop a stronger economic base and expanded job opportunities.
Eligible uses of the fund include site development/infrastructure extension costs, construction of a new facility or additions, renovation of existing facilities, leasehold improvements where appropriate, working capital and inventory.
For every $15,000 of revolving funds provided, one full-time job should be created or retained.
Low, fixed interest rates are set by the County Board and shall be 4 points below the prime rate however, the rate shall not be lower than 3%.
The length of the loan is negotiable but shall not exceed 10 years.
Contact InformationEconomic Alliance of Kankakee County
Address: 200 E. Court St., Suite 507
City: Kankakee
State: Illinois
Website:
http://kankakeecountyed.org/our-advantage/programs-incentives
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