McHenry County Loan Fund


The MCLF is a revolving loan fund.  Funds are available, please call our office.

Download McHenry County Loan Fund Information


Download McHenry County Loan Fund Application


The McHenry County Loan Fund (MCLF) exists for the purpose of encouraging economic growth and increasing the size of it's commercial and industrial base. The MCLF is a government funded program that helps build businesses in McHenry County. The MCLF is administered by the McHenry County Board and marketed by the McHenry County Economic Development Corporation.The MCLF provides funds in combination with other sources of financing needed to get a new business off the ground or help growing company’s meet expansion needs. MCLF fund are used to achieve lower overall interest costs. It can be an affordable source of financing that can be used with or in place of a traditional commercial or SBA loan. Advantages include:

  • Long term maturity
  • Quick response time
  • Minimal upfront costs
  • Lower costs than SBA loans

Who Can Apply:

Any new or expanding business located in McHenry County with a completed business plan is eligible to apply for a low-cost loan through the McHenry County Loan Fund. Contact the Small Business Development Office through the McHenry County College for more information regarding constructing a comprehensive business plan. Call 815.455.6098 or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.

Getting Started:

Simply obtain a McHenry County Loan Fund application from your lender or from the McHenry County Economic Development Corporation. The application will include a checklist to assist you in assembling the required information. Complete the application and submit it with your documentation and the application fee. The review process takes approximately two to three weeks.

Borrowers must be located within McHenry County and also meet the following criteria:

  • The maximum loan amount shall be $200,000 or 45% of the total project costs, whichever is greater.
  • All loans must be secured with adequate collateral to support the debt.
  • Loans are amortized with monthly payments to a maximum maturity of seven years.
  • Payments begin approximately 30 days after closing the loan.
  • There is a $100 non-refundable application fee.
  • The borrower will reimburse the County for any expenses incurred in filing its lien, documenting the loan or other related lending costs.
  • Interest rates are tied to the yield for U.S. Treasury Securities.
  • The current rate schedule is:


MaturityInterest Rate
3 Years
3Yr. Treasury Yield + 100 basis points
4 Years
4 Yr. Treasury Yield + 125 basis points
5 Years
5 Yr. Treasury Yield + 150 basis points
6 Years
6 Yr. Treasury Yield + 175 basis points
7 Years
7 Yr. Treasury Yield + 200 basis points

Funding is subject to the availability of funds and applicants are served on a first-come, first-serve basis.

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