The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering Advantage Illinois, which is composed of two re-launched and two new programs that are designed to “accelerate investments and ease the credit crunch for small businesses.” The program is expected to generate more than $800 million in private investment for small businesses all throughout Illinois.
Two re-launched programs:
The Capital Access Program (CAP) is designed to help small and new businesses—who do not qualify for conventional loans– to gain access to the capital they need by encouraging financial institutions to make loans to them through new means. The maximum loan size is $1,000,000 and to be eligible, business may not have more than 500 employees.
The Participation Loan Program (PLP) is comprised of four loan programs to aid businesses that have plans to create or retain jobs and/or modernize in order to improve their competitive edge in the market. Each of these loan programs have specific purposes: medium/long-term loans for small business, loans to minority/ women/veteran/disabled-owned businesses, revolving line of credit, and SBA supported activity. To be eligible, businesses may not have more than 750
Two new programs:
The Collateral Support Program (CSP) is designed to provide small business that wish to obtain loans with additional cash collateral to meet the requirements of lending institutions. Borrowers can use the loans in the way that they feel is best, but they cannot have more than 750 employees in order to qualify for the program.
The Invest Illinois Venture Fund (IIVF) is a venture capital program designed to support innovative companies and start-ups that demonstrate a great potential for growth in the future by helping them find private investment.
For more information on any of the above-mentioned programs, please visit the Advantage Illinois website: http://www.ildceo.net/dceo/Bureaus/Advantage+Illinois/