Regional Incentives & Financing Assistance Programs
McHenry County EDC is pleased to be a conduit for additional financing assistance programs.
Upper Illinois River Valley Development Authority
The Upper Illinois River Valley Development Authority is a general development agency serving the Counties of Bureau, Grundy, Kane, Kendall, LaSalle, Marshall, McHenry and Putnam. UIRVDA can issue bonds that can finance capital improvements and can reduce the rate of interest. Please visit their web site for more detailed information: http://www.uirvda.com/ or contact us for our contact referral.
SomerCor 504 Inc.
The SBA 504 Program can help small businesses get up to 90% financing on the purchase of owner-occupied commercial real estate and related costs.
The SBA 504 program offers financing in partnership with conventional lenders to help borrowers conserve working capital and lock in a below market, 20-year fixed rate.
Interest rates on the 40% SBA 504 portion are well below market (approx. 5.6% all-in as of January 2010) and fixed for 20 years.
Typical projects range from $150,000 to $10,000,000.
Eligible Project Costs include land acquisition, building acquisition, new building construction, renovation, equipment, furniture and fixtures, professional fees, interim interest, construction contingency and soft costs. The refinance of eligible exisitng debt is acceptable as part of an expansion project undeer SBA 504 guidlines.
The majority of borrower fees are waived throuth Feb. 28, 2010 as a part of the American Recovery and Reinvestment ACT. All 504 fees (except $1000 SomerCor application fee) are rolled into the SBA loan. Please visit their website for more information www.somercor.com or call our office for our contact referral.