| State: |
IL |
| Incentive Type: |
Cash Grants and Financing Incentives |
| Incentive Title: |
Direct Loans |
| Description: |
1. PARTICIPATION LOAN PROGRAM: Loan program designed to help businesses create or retain jobs. The Illinois Finance Authority will purchase up to $1,000,000 or 50% participation in the loan. Loan is subordinated through the participating lending institution.
2. ENTERPRISE ZONE PARTICIPATION LOAN PROGRAM:
Loan program designed to provide a business located in an enterprise zone a more attractive loan rate. Loan is subordinated through the participating lending institution.
3. MANUFACTURING MODERNIZATION LOAN PROGRAM: Loan program designed to help businesses retool, upgrade equipment and expand operations. The interest rate is normally lower than a conventional rate.
4. REVOLVING LINE OF CREDIT PROGRAM: Provides businesses with seasonal or variable capital demands a subordinated line of credit at an attractive interest rate. |
| Eligibility Requirements: |
1. Loan must aid in the creation or retention of jobs. Used to finance the acquisition of land or buildings, purchase of machinery and equipment and the construction or renovation of equipment. Maximum term of 10 years.
2. Business must be located in an enterprise zone. May be used for the purchase and installation of machinery and equipment, working capital, and land acquisition. Company must have fewer than 500 employees. May not be used for refinancing or contingency funding.
3. Company must have fewer than 500 employees. Minimum loan amount is $10,000. The maximum amount is $750,000 or 25% of the total cost, whichever is less.
4. Company must have less than 500 employees. Line of credit may not be extended for more than 3 years. Minimum amount is $10,000. Maximum amount is $750,000 or 25% of the total project. The lender must have a signed agreement with the IL. Dept. Commerce and Economic Opportunity.
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| Geographic Restrictions: |
1,3,4 Statewide 2 Illinois Enterprise Zone |
| Granting Authority: |
1.Illinois Finance Authority (IFA) 2,3,4 IL DCEO |
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