Business & Community Development Fund


cdap housingThe SIRP&DC Business and Community Development Fund consists of dollars made available by the USDA Rural Development Intermediary Relending Program for eligible community development and business financing projects within the five counties served by Southeastern Illinois Regional Planning & Development Commission. These funds are available for new and expanding businesses.

In addition these funds are offered to units of local government, special taxing districts and public non-profit organizations for community development projects. These dollars provide a source of low interest, fixed rate financing, and an incentive for participation in a project by a local financial institution if necessary.

SIRPDC name does not discriminate in admission, access to, treatment or employment in programs or activities on the basis of a handicap in violation of section 504 of the Rehabilitation Act.

This institution is an equal opportunity provider and employer

Amount Available
The Business and Community Development Fund can fund up to 75% of the total project cost or $25,000 per full-time job created or retained, whichever is the lessor of the two amounts with a lending limit of $150,000.

This fund can be made directly to the borrower without bank participation, if the owner equity injection is at least 25% or the total project cost does not exceed the lending limits.

Interest Rate
The current rate is fixed at 6.5%. Please call for rates related to community development projects.

Loan Term
Real Estate Acquisition and Improvements: 10 years
Inventory and Working Capital: 2-3 years
Machinery, Equipment and Rolling Stock: 3-7 Years

Application Requirements
* Complete Business Plan with three year projections.
* Personal Financial Information with three years of State and Federal Income Tax Statements.
* Business Financial information with three years of balance sheets/profit and loss statements, State and Federal Income Tax returns.
* Breakdown of Proposed Project costs.
* Other information deemed necessary for application processing.

Eligible Use of Funds
Funds can be used to purchase real estate, equipment and/or inventory and to acquire working capital.