McLean County Recovery Loans

Micro-Bridge Loan & Recovery Loan

The EDC is accepting applications for the following programs:

Micro-Bridge Loan

The McLean County Board has allocated $300,000 for the Micro-Bridge Loan program. The Micro-Bridge Loan is a 1% bridge loan up to $5,000 for nonresidential for-profit businesses under 10 employees in McLean County. The loan requires a support letter from a lender. Deferred payments until January 2021. The applicant's loan documents will not be public-record but rather housed at the EDC.

Required Documents

  1. APPLICATION
  2. COVID IMPACT STATEMENT
  3. JUSTIFICATION FOR FINANCING - Please provide a letter from your participating lender stating why this project is seeking CDC loan funds.
  4. INCOME/CASH FLOW STATEMENTS - Actual/Year-to-Date (3 years past or life of business)
  5. BALANCE SHEET - Business Actual/Year-to-Date (3 years past or life of business)
  6. PERSONAL FINANCE STATEMENT
  7. FEDERAL TAX RETURNS - Business and Owners for 3 years past or life of the business
  8. SCHEDULE OF DEBT - Mortgages, loan agreements, promissory notes, lien
  9. LEGAL DOCUMENTS - Corporate bylaws, partnership agreements, leases

$5,000 Micro-Bridge Loan Application

Send completed applications and required documents to patrick@bnbiz.org

Recovery LoanĀ 

The McLean County Board has allocated $300,000 for the Recovery Loan program. The Recovery Loan is a 1% gap loan up to $20,000 (20% of total loan) for nonresidential for-profit businesses under 50 employees in McLean County. The loan requires a partnership from a bank to cover the other 80% of the loan. Deferred payments until January 2021. The applicant's loan documents will not be public-record but rather housed at the EDC.

Required Documents

  1. APPLICATION
  2. COVID IMPACT STATEMENT
  3. JUSTIFICATION FOR FINANCING - Please provide a letter from your participating lender stating why this project is seeking CDC loan funds.
  4. INCOME/CASH FLOW STATEMENTS - Actual/Year-to-Date (3 years past or life of business)
  5. BALANCE SHEET - Business Actual/Year-to-Date (3 years past or life of business)
  6. PERSONAL FINANCE STATEMENT
  7. FEDERAL TAX RETURNS - Business and Owners for 3 years past or life of the business
  8. SCHEDULE OF DEBT - Mortgages, loan agreements, promissory notes, lien
  9. LEGAL DOCUMENTS - Corporate bylaws, partnership agreements, leases

$20,000 Recovery Loan Application

Send completed applications and required documents to patrick@bnbiz.org