Financial Assistance

If you seek financing for your project, the EDC may be able to help. The EDC can facilitate financing with private banking sources, public financial funds such as the McLean County Revolving Loan Fund, Community Development Assistance Program funding through the Illinois Department of Commerce and Economic Opportunity and the Illinois Finance Authority, as well as venture funds and other programs. For certain projects, the EDC is the local point of contact for obtaining specialized state and local tax and financial incentives, including the local enterprise zone. 

To improve your project's chances of obtaining funding through one of the programs, please contact the EDC as early as possible in your project's lifecycle. Several of the financing options become inaccessible as the project gets underway. For details and criteria for any of the above programs, please contact the EDC at (309) 452-8437.

Community Development Corporation

The EDC has developed a Community Development Corporation (CDC). The CDC, a subsidiary of the EDC, allocates low-interest loans, arranges venture and angel capital investment and develops unique financing mechanisms that will induce economically-viable projects in partnership with both the private and public sectors of Bloomington-Normal.

We have several products that are helpful to the business community. These include:

• Micro-Enterprise Loan Fund – Encourages the development of small businesses by extending a marginal line of credit. All expansions and start-ups will be eligible with the exception of businesses engaged in non-viable ventures. Funds may be used for the purchase of equipment and material.

• Revolving Loan Fund I (RLF I) – Funding for site development and infrastructure extension costs, construction of new facilities or additions, renovation of existing facilities, leasehold improvements, the purchase of new or used machinery or equipment and working capital. This fund currently exists and is managed through agreement by the EDC for McLean County.

• Revolving Loan Fund II (RLF II) – RLF II differs from RLF I in the restriction of job creation metrics for fund disbursement. Capital will be used for site development and infrastructure extension costs, construction of new facilities or additions, renovation of existing facilities, leasehold improvements, the purchase of new or used machinery or equipment and working capital.

In addition, we have the opportunity to work with the Small Business Administration and other funding groups to bring access to capital to the community.

For information on these and other programs, contact Marty Vanags or Ken Springer at (309) 452-8437.