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~ STATE OF ILLINOIS BUSINESS INCENTIVE PROGRAMS ~ |
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Community Service Block Grant (CSBG) Loan Program
The CSBG Loan Program is administered jointly by the Illinois Department of Commerce and Economic Opportunity (DCEO), statewide Community Action Agencies (CAAs) and Illinois Ventures for Community Action (IVCA). The Program provides long-term, fixed-rate financing to new or expanding small businesses in exchange for job creation and employment for low-income individuals. CSBG funds usually make up between 20-49% of the entire loan project and have a low interest rate of 5% to 7.5%. |
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Illinois Capital Access Program (CAP)
The Illinois Capital Access Program (CAP) is designed to encourage financial institutions to make loans to small and new businesses that do not qualify under conventional lending policies. CAP is a form of loan portfolio insurance, which provides additional reserve coverage to the lender on loan defaults. By participating in CAP, lenders have available to them a proven financing mechanism to meet the needs of financial institutions and Illinois small businesses. |
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Illinois State Treasurers Office
The Illinois State Treasurer's Office offers programs that are designed to assist the Illinois business community by providing access to capital and financing at affordable rates in order to promote economic development activities that create and retain jobs within the state. |
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Enterprise Zone Participation Loan Program (EZ/PLP)
The EZ/PLP is a variation of the conventional PLP Program, in that DCEO subordinates the loans through participating lending institutions, but the EZ/PLP may be able to provide small businesses located in an enterprise zone a more attractive loan rate than a conventional PLP. |
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The Illinois Finance Authority (IFA)
The Illinois Finance Authority (IFA) is a self-financed, state authority principally engaged in issuing taxable and tax-exempt bonds, making loans, and investing capital for businesses, non-profit corporations, agriculture and local government units statewide. IFA finances about $3 billion each year, helping generate economic growth and job creation. |
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Manufacturing Modernization Loan Program
The Manufacturing Modernization Loan Program is designed to provide manufacturers with access to adequate and affordable financing for upgrading and modernizing their manufacturing equipment and operations. |
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Minority, Veteran, Women, and Disabled Participation Loan Program (MVWD/PLP)
The MVWD/PLP program is a variation of the conventional PLP, in that DCEO may subordinates the loans through participating lending institutions, but the MVWD/PLP program can provide Illinois small businesses that are 51 percent owned and managed by persons who are minorities, veterans, women, or disabled, with loans up to loans up to $50,000 or 50 % of the total project. |
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