SMALL
BUSINESS LOAN INFORMATION
Small
Business Development Centers
Small Business Development Centers located throughout the
state provide assistance to new and existing small businesses.
Services include:
- One-on-one business counseling and management assistance.
- Assistance with the development of business plans.
- Help accessing marketing information and the development
of business plans.
- Business Financing Programs.
- Assistance with financial analysis and planning.
- Access to business education and training opportunities
- Click here
to gain access to a wide variety of of online small business
management training programs.
SBA
Financing
Companies are eligible for the loan program that are financing
real property and improvements or the purchase of long-life
machinery and equipment. The 504 program is operated by Certified
Development Companies licensed by the SBA with the authority
to operate in the entire state. A Certified Development Company
is a nonprofit corporation set up to contribute to the economic
development of its community.
List
of CDCs in Illinois.
The typical SBA 504 project includes; a loan from a private
sector lender covering 50% of the project and the lender will
get a first lien on the project's assets. A loan covering
up to 40% of the project is advanced by the CDC, with 100%
of that backed by an SBA-guaranteed debenture. The CDC/SBA
takes a second lien position and a contribution of 10% from
the small business is required. Additional information on
the 504 Program, along with a listing of the CDCs are shown
below or you can go to www.sba.gov/il
DCEO
Small Business Loan Information
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