The Department’s interest rate will be established at the time of its loan commitment.  DCEO’s interest rate on this program variation may be lower than on a regular participation.  Funds available for this program can be used for a number of business activities, such as purchase and installation of machinery and equipment, working capital, purchase of land, construction or renovation of buildings. Funds cannot be used for debt refinancing or contingency funding.

Eligibility

Any for-profit small business operating in Illinois which has, including its affiliates, fewer than 500 full-time employees and meets the criteria of a minority, veteran, women or disabled owned business is eligible for participation in the program. A minority, veteran, women or disabled owned business is a business which is at least 51 percent owned by one or more minority, veteran, women or disabled persons and the management and daily operations of the business are controlled by one or more of the minority, veteran, women or disabled persons who own it. A minority shall mean a person who is a citizen of the United States, and who is African American , Hispanic, Asian-American, American Indian, or Alaskan Native.  Disabled shall mean a person with a physical or mental impairment that substantially limits one or more of the major life activities of an individual.

For  Further information please contact: