CIDP - Central Illinois Development Partnership - <Logo>

Localities:


Ameren

City of Pontiac

Community & Economic Development Foundation of Ford County

State of Illinois - Dept. of Commerce & Economic Opportunity

Dewitt County Development Council

Economic Development Council of the Bloomington-Normal Area

Greater Livingston County Economic Development Council

Illinois Valley Area Chamber of Commerce & Economic Development

Lincoln and Logan County Development Partnership

Village of Minier

Nicor Gas

Streator Area Chamber of Commerce & Industry

Thomas N. Jacob & Associates/The Economic Development Group, Ltd.

Village of Danvers

Village of Dwight

Wall Realtors

Woodford County

City of West Peoria Economic Development


Finance & Incentives


Federal



Small Business Administration - top of page

SBA Basic 7(a) Loan Program          PDF
7(a) loans are the most basic and most used type of loan in the Small Business Administration’s (SBA’s) business loan programs. All 7(a) loans are provided by lenders who are called participants because they participate with SBA in the 7(a) program.

7(a) loans are only available on a guaranty basis. This means they are provided by lenders who choose to structure their own loans by SBA's requirements and who apply and receive a guaranty from SBA on a portion of this loan. The SBA does not fully guarantee 7(a) loans. The lender and SBA share the risk that a borrower will not be able to repay the loan in full. The guaranty is a guarantee against payment default.

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SBA (504) Loan Program      PDF
The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from a local or regional community development corporation (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost and a contribution of at least 10 percent equity from the small business being helped.

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SBA Micro-Loans          PDF
The Micro-Loan Program provides very small loans to start-up, newly established or growing small business concerns. Under this program, the Small Business Administration (SBA) makes funds available to nonprofit community based lenders (intermediaries) which in turn make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary, and all credit decisions are made on the local level.

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These are merely brief descriptions of the programs and are not intended to fully disclose all the requirements and criteria for these programs. More information regarding these programs and other SBA services can be found at http://www.sba.gov/.


U.S. Department of Agriculture - top of page

USDA Business and Industry Guaranteed Loans         PDF
The U.S. Department of Agriculture’s Business and Industry (B&I) Guaranteed Loan Program helps create jobs and stimulates rural economies by providing financial backing for rural businesses. This program provides guarantees up to 80 percent of a loan made by a commercial lender. Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate and certain types of debt refinancing. The primary purpose is to create and maintain employment and improve the economic climate in rural communities. This is achieved by expanding the lending capability of private lenders in rural areas, helping them make and service quality loans that provide lasting community benefits. This program represents a true private-public partnership.

The program is administered at the State level by Rural Development State Offices.

For more information regarding this or other USDA programs contact:
Gerald A. Townsend, USDA Business and Community Program Director, at (217) 403-6209.

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USDA Revolving Loan Funds and Technical Assistance          PDF

Intermediary Relending Program Loans
Rural Business Enterprise Grant Program
Rural Business Opportunity Grant Program
Rural Economic Development Loan and Grant Program
Rural Business Investment Program
Renewable Energy and Energy Efficiency Improvement Grants

For More Information
Detail information and applications for financial assistance are available through State and local offices of USDA Rural Development. Some of the authorized programs described above require the implementation of regulations before they are available for funding projects. Consult your USDA Rural Development State Office for information on fund availability.

For more information on USDA Rural Development Business Programs, you may also call the Rural Development National Office at (202) 720-0813 or connect to the Rural Development Web site: http://www.rurdev.usda.gov.

SOURCE: USDA Rural Development Rural Business-Cooperative Programs brochure


Central Illinois Statistics - <image>