The Revolving Line of credit program is appropriate for businesses with 500 or fewer employees having seasonal or variable working capital demands. A revolving line of credit allows a business to borrow the amount of money needed to meet the demand for its product/service sales and to repay the loan from the sales revenues. A RLOC loan permits a company to borrow, repay and re-borrow in accordance with business needs, without applying for a new loan. Generally, the program may provide subordinated lines of credit to small business at attractive interest rates for up to 25% of the total amount , but not less than $10,000 or more than $750,000. The lender is responsible for the review and verification of the information in the application, the initial approval and setting the loan terms. Typically, the Department will not participate for more than three years. Before submitting an application, the lender must have a signed RLOC agreement with DCEO.
For further information please contact:
Illinois Department of Commerce and Economic Opportunity
Business Finance Division
620 East Adams
Springfield, Illinois 62701
217-782-3891 TDD: 800-785-6055