Central Illinois Region Loan Programs

IL DCEO administers the Community Development Assistance Program (CDAP)- Economic Development program which is a federally funded program that is designed to provide grants to units of local government for economic development activities related to business retention and or expansion opportunities. The program is targeted to assist low-to-moderate income people by creating job opportunities and improving the quality of their living environment. Local governments qualifying to receive grant funds can then make these funds available in the form of fixed low-interest loans up to $150,000 to businesses locating or expanding in their community. Revolving Loan Funds may be used for machinery and equipment, working capital, and building construction and renovation. The local government may also use the grant funds for improvements to public infrastructure that directly support a specific economic development project.

The following counties and communities in the Greater Peoria Region have Revolving Loan Funds:

  • Peoria County
  • Tazewell County
  • Woodford County
  • City of Chillicothe
  • City of East Peoria
  • City of El Paso
  • City of Eureka
  • Village of Mackinaw
  • Village of Metamora
  • City of Minonk
  • Village of Princeville

 

RURAL BUSINESS ENTERPRISE GRANTS (RBEG) PROGRAM

The RBEG program provides grants for rural projects that finance and facilitate development of small and emerging rural businesses help fund distance learning networks, and help fund employment related adult education programs. To assist with business development, RBEGs may fund a broad array of activities including the establishment of revolving loan funds that make fixed, low-interest loans for start ups and working capital.  Any project funded under the RBEG program should benefit small and emerging private businesses in rural areas. Small and emerging private businesses are those that will employ 50 or fewer new employees and have less than $1 million in projected gross revenues.

The following communities have an established USDA Revolving Loan Fund:  City of Elmwood

 

CITY OF PEORIA ECONOMIC DEVELOPMENT EDA FUND