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 - http://www.uirvda.com/
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.: / or contact us for our contact referral.
SomerCor 504 Inc. - www.somercor.com
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 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 existing debt is acceptable as part of an expansion project under SBA 504 guidelines.
Illinois Finance Authority- http://www.il-fa.com
The Illinois Finance Authority (IFA) provides access to low-cost, non-conventional financing along with expert, hands-on support to help businesses, farms, local governments, hospitals and non-profits get capital needed for growth. We invite developers, financiers, and community partners to explore our programs and talk with IFA about supporting economic development and job growth in Illinois.
Please call our office for our contact referrals or visit their websites for more information.