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Small Business Loan Program
 Purpose-Loan purposes are for community development of new businesses, expansion of existing businesses, creation of employment or saving existing jobs.
- Eligible Borrowers include corporations, partnerships, sole proprietorships, LLC’s, units of government, fire protection districts, water districts, and similar public service districts.
- Use of Funds can be for fixed assets including land, buildings, machinery and new equipment, new construction or renovation of existing facilities, working capital for start-up or existing businesses, pollution control and abatement, transportation services, debt refinancing, feasibility studies and educational institutions.
- Terms are flexible to meet the needs of the borrower.
- Interest rates are three points below prime never to exceed 9.5% or go below 5.5%.
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Collateral such as inventory, equipment, land, buildings, mortgages, accounts receivable, vehicle titles, fixtures and personal assets/assignments, etc. are required.
- Maximum funds can be up to $175,000 or 62.5% or project costs, whichever is less.
- Application fee is $100.
- Funds are targeted in the counties of Fulton, Hancock, Henderson, Knox, McDonough and Warren.
Application packets require a business plan, financial statements, credit bureau report, three years prior tax returns, and other information as requested to render a loan decision.
Business Loan Application (pdf)
Downtown Revitalization Loan Program
PURPOSE- The purpose of the Downtown Revitalization Loan Program is to increase economic development in West Central Illinois by helping small businesses improve their storefront visibility.
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Use of Funds can be for façade repair, roofing, windows, tuck pointing, brick replacements, awnings, HVAC or other energy efficient improvements.
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Funds are targeted in the communities of Fulton, Hancock, Henderson, Knox, McDonough and Warren Counties.
Downtown Revitalization Loan Application (pdf)
The
application for the Loan Programs along with a
business plan, financial statements, references, and credit reports
will be needed to render a credit decision.
Financial Statements
Personal Financial Statement (pdf)
Credit Reports
For more
information, please contact us.
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