Illinois Finance Authority:
If you run an Illinois-based business and mulling over its expansion plans, then Illinois Finance Authority (IFA) offers you cost-effective solutions. As the state's investment banking arm, IFA enjoys the position of the most recommended low-cost financing source. The self-financed body works in coordination with various Illinois agencies, financial institutions, and lenders to issue tax-exempt and taxable bonds, provide loans, and investment capital to businessmen, non-profit corporations, and statewide government and agricultural units. Every year, IFA approves nearly $3 billion project finance applications, thereby, plays an important role in economic development of the state and creation of jobs in it.
Programs Offered by IFA:
IFA offers several programs aimed at assisting the business community in Illinois by giving them easy capital and affordable finances, which result in development of the economy and retention of jobs in the state. These programs include: Community Service Block Grant (CSBG), Illinois Capital Access Program (CAP), Enterprise Zone Participation Loan Program (EZPLP), Manufacturing Modernization Loan Program (MMLP), Minority Women and Disabled Participation Loan Program (MWDPLP), and Participation Loan Program (PLP).
Benefits from these Programs:
CSBG offers financing at fixed rates over the long-term for business establishment or expansion, creating employment opportunities for the low-income group. Such loans constitute 20-49% of a loan project and charge interest rates ranging from 5% to 7%; CAP motivates financial institutions to develop loan products for small-scale new business that do not qualify conventional lending parameters. CAP is a type of insurance for loan portfolio, which gives the lender additional reserve coverage. In case, the borrower defaults; EZPLP offers small businesses special loan rates that are lower than the rates offered by conventional PLPs. MMLP provides finances to manufacturers who intend to modernize or upgrade their facilities or equipment to achieve greater operating efficiencies. MWDPLP provides loan facilities to small-scale businesses that are 51% held by minorities comprising women or disabled. Such loans can comprise 50% of the total project cost; PLP offers financial assistance through banks and other financial instructions to the small businesses that provide employment to Illinois workers. Such loans do not exceed 25% of the entire project cost.
Eligibility Criteria for these Programs:
All the privately owned businesses that are based in Illinois, which have less than 50 employees can benefit from such programs. Such companies, must be however, engaged in development or commercialization of a technology or invention. Finances are available for carrying out research, testing, marketing, and development of technological products. Such funds obtained from the financial institution must be used for acquiring fixed assets for the set-up of expansion of the business.
IFA does not charge any fees for provision of such loan programs.
If you run an Illinois-based business and mulling over its expansion plans, then Illinois Finance Authority (IFA) offers you cost-effective solutions. As the state's investment banking arm, IFA enjoys the position of the most recommended low-cost financing source. The self-financed body works in coordination with various Illinois agencies, financial institutions, and lenders to issue tax-exempt and taxable bonds, provide loans, and investment capital to businessmen, non-profit corporations, and statewide government and agricultural units. Every year, IFA approves nearly $3 billion project finance applications, thereby, plays an important role in economic development of the state and creation of jobs in it.
Programs Offered by IFA:
IFA offers several programs aimed at assisting the business community in Illinois by giving them easy capital and affordable finances, which result in development of the economy and retention of jobs in the state. These programs include: Community Service Block Grant (CSBG), Illinois Capital Access Program (CAP), Enterprise Zone Participation Loan Program (EZPLP), Manufacturing Modernization Loan Program (MMLP), Minority Women and Disabled Participation Loan Program (MWDPLP), and Participation Loan Program (PLP).
Benefits from these Programs:
CSBG offers financing at fixed rates over the long-term for business establishment or expansion, creating employment opportunities for the low-income group. Such loans constitute 20-49% of a loan project and charge interest rates ranging from 5% to 7%; CAP motivates financial institutions to develop loan products for small-scale new business that do not qualify conventional lending parameters. CAP is a type of insurance for loan portfolio, which gives the lender additional reserve coverage. In case, the borrower defaults; EZPLP offers small businesses special loan rates that are lower than the rates offered by conventional PLPs. MMLP provides finances to manufacturers who intend to modernize or upgrade their facilities or equipment to achieve greater operating efficiencies. MWDPLP provides loan facilities to small-scale businesses that are 51% held by minorities comprising women or disabled. Such loans can comprise 50% of the total project cost; PLP offers financial assistance through banks and other financial instructions to the small businesses that provide employment to Illinois workers. Such loans do not exceed 25% of the entire project cost.
Eligibility Criteria for these Programs:
All the privately owned businesses that are based in Illinois, which have less than 50 employees can benefit from such programs. Such companies, must be however, engaged in development or commercialization of a technology or invention. Finances are available for carrying out research, testing, marketing, and development of technological products. Such funds obtained from the financial institution must be used for acquiring fixed assets for the set-up of expansion of the business.
IFA does not charge any fees for provision of such loan programs.
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