DuPage County
Small Business Loan Program
The DuPage County Small Business Loan Program provides low interest financing to entrepreneurs wishing to open or expand a business in DuPage County.
DuPage County Small Business Loan Program (PDF file)
Incumbent Worker Training Grant Program
Businesses can use this program to offset the costs of training current employees. Training is limited to employers in the targeted industry sectors of manufacturing, healthcare, and finance/insurance.
Incumbent Worker Training Program Policy (PDF file)
Illinois Department of Commerce and Economic Opportunity (DCEO)
Employer Training Investment Program
ETIP assists companies in training new workers and retraining or upgrading the skills of their existing workforce. Grants may be awarded to individual companies, as well as to intermediary organizations offering training to meet the common training needs of multiple companies.
Economic Development for a Growing Economy (EDGE)
EDGE provides tax credits to qualifying businesses that create new jobs and make a capital investment in Illinois. Credits are calculated from the personal income tax collected on salaries paid to employees in the new jobs created, which may be taken as a tax credit against corporate income taxes. To qualify for the EDGE program a business would have to make an invetment of $5 million and 25 jobs or $2.5 million and 50 jobs. If the company has less than 100 employees worldwide then an invetmetn of $1 million and 5 jobs is required.
Particiaption Loan Program (PLP)
The PLP program is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 or more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
Illinois Department of Commerce Website
Illinois Finance Authority (IFA)
Industrial Revenue Bonds
Administered through the Illinois Finance Authority, the industrial revenue bond program provides the authority with the ability to issue tax exempt IRBs on behalf of Illinois manufacturers looking for long term financing on the purchase or renovation of fixed assets such as land, building, and equipment. IRBs may finance up to 100 percent of the total costs for qualifying projects of at least $1.5 million. Terms of the bonds may not exceed 10 years. A $1,500 non- refundable fee is required upon submission of application.
Participation Loan Program
Administered through the Illinois Finance Authority, the IFA PLP program is designed to provide Illinois industrial and manufacturing businesses that create or retain jobs, access to affordable financing. Participation loans can provide financing for the purchase of land or buildings, construction or renovation of buildings, and the purchase of machinery and equipment. The authority can participate with conventional lending institutions and provide the lesser of $300,000 or 50 percent of the loan with terms not to exceed 10 years.
Illinois Finance Authority Website
Illinois State Treasurer's Office
State Treasurer's Economic program (STEP)
Administered through the Illinois State Treasurer's Office, the STEP program is designed to provide Illinois companies with access to affordable capital to expand their operations and retain or create jobs in the state. For each permanent full-time job that is created or retained, the Treasurer can deposit up to $25,000 per job at below market rates into a qualified borrower's financial lending institution. The lender may then loan that money to the qualified borrower. Loans may not exceed five years.
Illinois State Treasurer's Office
United State Small Business Administration/SomerCor
504 Business Loan
The 504 program helps healthy, for profit businesses with financing for projects involving the purchase, construction, or improvement of fixed assets. Banks and other lenders participate for 50% of the total project cost, while SomerCor finances 40% (up to $1.5 Million and even up to $4 Million in some cases) of the balance. This leaves only a 10% down payment for the business, helping it to preserve valuable working capital. The 504 program is a win-win arrangement. The business maximizes the amount of money it receives and the bank gets a first lien on all the assets with only a 50% loan to value.
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