Areas Served: Clay, Effingham, Fayette, Jasper, and Marion Counties, Illinois
Title IX Revolving Loan Fund federal funds are loaned to qualifying, credit worthy industrial or commercial firms within the Illinois counties of Clay, Effingham, Fayette, Jasper, and Marion by the Economic Development District at an attractive fixed interest rate (i.e.,currently 4.5%) repayable over as long as a 15-year term for real estate investments.
Title IX RLF direct loan funds can be used by the borrower to primarily support fixed asset requirements but can be used to address the borrower’s inventory/working capital financing needs as well.
This flexible direct loan program can provide up to 25% of the project’s total cost (normally in cooperation with the borrower’s equity and conventional bank financing) or $150,000 whichever is less.
Typical Title IX RLF repayment terms are as follows, but can be modified to some extent to meet the borrower’s debt repayment capabilities:
- Inventory – 2-3 Years
- Working Capital – 2-3 Years
- Rolling Stock – 2-4 years
- Equipment – 3-10 Years
- Real Estate – 15 Year Maximum
Contact Information
South Central Illinois Regional Planning & Devt.
Address: 120 South Delmar
City: Salem
State: Illinois
Website:
https://www.scirpdc.com/
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