Local
Bloomington-Normal/McLean County - top
of page
Contact: Ken Springer at (309) 452-8437 or Ken@bnbiz.org.
McLean County Revolving Loan
Fund
The Revolving Loan Fund (RLF) was established to provide financial assistance to new or expanding businesses in McLean County. In addition, the fund serves a public policy goal of developing a stronger economic base and expanded job opportunities. Use of the funds is governed by a variety of rules and regulations mandated by the State and Federal agencies that provided the original grants to McLean County.
McLean County/Bloomington-Normal
Enterprise Zone PDF
Enterprise Zone Benefits:
Sales Tax Exemption
Income Tax Deductions
Tax Credits
Financing
Mid Central Community Action, Inc. PDF
Economic Development / Job Creation Small Business Loan
Program
Mid Central Community Action, Inc. is actively participating in the Community Service Block Grant (CSBG) Loan Program to assist in financing small businesses for either start-up or expansion projects. The Illinois Community Services Block Grant Loan Program is administered jointly by the Illinois Department of Commerce and Economic Opportunity, a statewide network of Community Action Agencies (CAA’s) and Illinois Ventures for Community Action (IVCA).
The purpose of the CSBG Loan Program is to create and retain jobs for low-income persons and to promote economic growth in McLean and Livingston Counties. The intention is to “fill the gap” in conventional financing, not to duplicate the financing of private lenders. The loan program could lend 20%-49% of a total loan project at a fixed interest rate of 5-7% for up to 10 years. The remaining 51%-80% of the loan package must be obtained through a local bank (with or without SBA participation) and owner equity.
Money’s are disbursed on a first-come, first-serve basis. For further information and/or application forms,
please contact:
Small Business Loan Program
Mid Central Community Action, Inc.
1301 W. Washington St.
Bloomington, IL 61701
Phone: (309) 829-0691
E-mail: fiscal1@mccainc.org
SOURCE: Mid Central Community Action, Inc. www.mccainc.org/smallbusiness.html
Streator Area - top
of page
Streator Area Enterprise Zone PDF
Enterprise Zone Benefits:
For New Construction, Expansion,
Renovations and Remodeling
1. Property Tax Abatements
2. Investment Tax Credit
3. Jobs Tax Credit
4. Sales Tax Exemption
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Revolving Loan Fund
The City of Streator Revolving
Loan Fund offers low interest (3 percent) participation loan financing
for projects that demonstrate job creation.
Ford County - top
of page
Tax Increment Financing District
The Jordan Industrial Park (Gibson City)
is located within a tax increment financing district. This
park is served by rail, and all utilities are available. It
is within a 15 to 20 minute drive of I-39, I-55, I-57, I-72
and I-74.
Livingston County - top of page
Livingston County, IL has several TIF districts as well as a grant program for economic development purposes. Please view the Greater Livingston County Economic Development Council's website for more information on these and other incentive programs:
http://www.glcedc.org/sites.html
Woodford County - top of page
Woodford County Revolving Loan Fund
Woodford County can offer existing and re-locating businesses financing from the Woodford County Revolving loan fund. Funds can be used for a variety of purposes, but must fulfill economic development goals of increased jobs and capital investment in Woodford County.
Loans carry a fixed interest rate of 3%, with terms varying based on the type of asset being financed. The maximum borrowing amount is $100,000.
For additional information, please contact: Ken Springer at 309-452-8437 or Ken@bnbiz.org.
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