Areas Served: Stark County
The purpose of the RMAP program is to support the development and ongoing success of rural microentrepreneurs and microenterprises through low interest business loans in Stark County, Illinois.
USE OF PROCEEDS
- Working capital
- Purchase of real estate inventory
- Supplies
- Furniture/fixtures
- Raw materials
- Machinery and equipment.
MAXIMUM AMOUNT – Each application will be considered on the basis of the company’s unique financial needs, however the maximum loan amount is $50,000.
RATES/TERM/FEE
- The current interest rate on the RMAP loan is 8%, fixed for the term of the loan.
- The repayment period will be determined on a case-by-case basis not to exceed ten(10) years.
- There is a 1.5% origination fee.
ELIGIBLE BUSINESSES
- A sole proprietorship located in a rural area
- A business entity, located in a rural area, with no more than 10 full-time-equivalent employees and are in need of $50,000 or less in business capital and/or in need of business based technical assistance and training.
Contact Information
Stark County Economic Development Partnership
Address: 115 S Franklin
City: Toulon
State: Illinois
Website:
https://starkco.illinois.gov/
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