The Village of Machesney Park Revolving Loan Program provides direct financing to businesses at a below market, fixed rate of interest in cooperation with loans made through private financial institutions.
The purpose of the program is to stimulate economic growth by helping new or existing Machesney Park businesses create and retain jobs, assist in providing businesses with the opportunity to expand and to encourage and leverage loans to Machesney Park businesses by private financial institutions.
To qualify for a loan from the Revolving Loan Fund, the employing business must be located within the corporate limits of the Village.
Loan Structure The Village of Machesney Park in conjunction with a lending institution will assist in the financing of an eligible project.
Village participation cannot exceed 50% of the total project cost, subject to the availability of funds.
Terms of the loan are negotiated with flexible repayment to match company’s cash flow.
Eligible Project Costs/Uses – Site development costs.
– Construction of new facility and/or renovation of existing building or leasehold improvements.
– Purchase of new or used machinery and equipment.
– Working capital for new start of business or expansion of existing business.
– Job Creation/Retention Criteria – A minimum of one full-time equivalent (1,950 hours annually) position must be created for every $10,000 loaned through the program and at least 51% on the positions retained or created must benefit persons of low/moderate income.
Village of Machesney Park, Illinois
Address: 300 Machesney Road
City: Machesney Park