Areas Served: City of Chicago
In participation with the Rural Development Administration’s Intermediary Relending Program, the Illinois Finance Authority will finance business facilities and community development projects in eligible rural areas.
Benefits: Finance up to 75% of project cost maximum of $250,000 Interest rate as follows, with a cap of 6%, whichever is less: – Up to 5 years: Prime(-)1.25% – Up to 10 years: Prime(-)1.00% – Up to 15 years: Prime(-)0.50% – Up to 20 years: Prime(-)0.25% – Prime = Wall Street Journal, last business day of month Long-term financing terms up to twenty (20) years available Type of Financing: This program helps businesses in rural communities with populations of less than 25,000 finance fixed asset projects.
Loan proceeds may be used to finance the purchase of land to construct or renovate an industrial building or to purchase machinery and equipment.
Real estate projects for manufacturing facilities and industrial warehousing are preferred.
Eligibility: Applicant must demonstrate the ability to repay the debt.
Loan maturities of up to twenty years are available (or matching asset life on equipment).
This financing is available to industrial businesses that create new or retain jobs in Illinois.
Applicant must demonstrate that conventional financing was not available (at a comparable rate or term) for the project.
Only businesses in non-SSMMA rural areas are eligible for this loan.
Please check with an IFA Funding Manager to determine whether your project location qualifies.
Fee: A non-refundable application fee is due when the application is submitted.
A loan commitment fee is payable to IFA at the time the Board approves the transaction and a loan servicing fee is due at the loan closing.
In most cases, applications can be reviewed by staff and considered by the Board of Directors within 30 to 45 days of submission.
Contact InformationIllinois Finance Authority
Address: 180 N Stetson
City: Chicago
State: Illinois
Website:
http://www.il-fa.com/programs/business
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