The program assists Illinois businesses by offering a loan participation program in conjunction with their lender, with the IFA purchasing up to the lesser of $500,000, or a 50% participation in the loan, directly from the borrower’s lender. Financing is available for businesses and industry that create or retain jobs in Illinois. Funds from the participation purchased by IFA must be used primarily for the acquisition of fixed assets. Participating banks will originate, underwrite and service all loans. IFA staff reviews bank’s analysis to assure it meets IFA standards. If the maturity exceeds 10 years, IFA requires a balloon payment at the end of 10 years.
Learn more and apply here: https://www.il-fa.com/programs/business
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Chicago Office:
8233 S. Princeton
Chicago, IL 60620
PHONE: 773.933.7715
TEXT: 773.839.4737
Springfield Office:
218 Capitol Building
Springfield, IL 62706
PHONE: 217.782.3201
