The Company...

The Coles County Community Development Corporation (CDC) is a for-profit corporation in the State of Illinois whose purpose is to provide loans to for-profit small businesses in the county. Money to loan comes from a pool provided by local participating banks and utilities. The focus of the CDC is on small to medium size firms who require capital for modernization, physical rehabilitation for their structures, or cash flow to make them more economically viable. Loans emphasize job retention and provide a vehicle for gap financing when conventional lenders are unable to meet the financing needs of the small business.

Eligibility...

Any for-profit business located in the county, which will create and/or retain jobs.

Interest Rates, Fees & Terms...

The interest rate charged on all corporation loans will generally be at or below market rates of interest. The borrower must pay the cost of expenses incurred in processing the loan including closing fees.

Loan term will normally be the same as that established by the conventional lender. Loan amounts vary depending on the number of jobs created. The maximum loan amount is $200,000.

Eligible Activities

The Project Costs are defined as all costs needed to complete the project and generally include loan monies for working capital, retooling, construction or modernization. Retail loans will be made if a retail business provides products to a market not currently being supplied by existing retailers and meets the job creation guidelines.

Job Criteria

One (1) permanent private sector job retained or created for every $10,000 of CDC funds committed.

Money Can Be Used For:

Typical Loan Structure:

The CDC loan assumes a collateral position which usually is subordinated to that of private companion lenders but secured through a combination of collateral and personal guarantees or by other security satisfactory to the CDC.

Application:

The loan application to the CDC requires facts about:

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