Areas Served: McLean & Livingston County
Program to assist in financing small businesses for either start-up or expansion projects.
The Illinois Community Services Block Grant Loan Program is administered jointly by the Illinois Department of Commerce and Economic Opportunity, a statewide network of Community Action Agencies (CAA’s) and Illinois Ventures for Community Action (IVCA).
The purpose of the CSBG Loan Program is to create and retain jobs for low-income persons and to promote economic growth in McLean and Livingston Counties, Illinois.
The intention is to fill the gap in conventional financing, not to duplicate the financing of private lenders.
The loan program could lend 20%-49% of a total loan project at a fixed interest rate of 5-7% for up to 10 years.
The remaining 51%-80% of the loan package must be obtained through a local bank (with or without SBA participation) and owner equity.
Contact InformationMid Central Community Action, Inc.
Address: 1301 W. Washington St
City: Bloomington
State: Illinois
Website:
http://www.mccainc.org/smallbusiness.html
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