Purpose To promote economic development in Carlyle, Illinois the City has established the Revolving Loan Fund to assist business and job retention and growth.
Revolving Loan funds are meant to supplement other sources of financing, including public and/or private sector financing.
Loans are low-intereSt. Eligibility Any business seeking to locate or expand in Carlyle is eligible for Revolving Loan financing.
Business projects financed with Revolving Loan funds must create or retain jobs to be eligible for financing.
Requirements Applicants for funds must have at least 10% equity in the project being financed.
Applicants must leverage at least $1.00 of private financing (private lending institution or State or Federal program) for every $1.00 of Revolving Loan funds received.
For every $15,000 of Revolving Loan funds received, at least one job must be created or retained.
Other requirements must be met.
Eligible Purchases Any of the following purchases or activities may be financed with Revolving Loan funds when they lead to job creation or retention:
• Land and building acquisition
• Building renovation and/or expansion
• Site improvements
• Working capital (inventory and direct costs only; may not exceed 20% of loan amount)
• Purchase of permanent fixtures and equipment Ineligible Purchases The following are ineligible activities:
• Refinancing of existing debt
• Reimbursements for expenditures made prior to loan approval
• Payment of applicant’s own labor for construction or improvements
• Specialized, non-essential equipment
• Residential building construction (unless converting to a commercial or industrial operation)
Address: 850 Franklin Street