UPPER ILLINOIS RIVER VALLEY
COMMUNITY DEVELOPMENT CORPORATION
UPPER ILLINOIS RIVER VALLEY
COMMUNITY DEVELOPMENT CORPORATION
ABOUT
US
INVEST
The Upper Illinois River Valley Community Development Corporation is a for-profit corporation whose purpose is to invest in and provide loans to existing small businesses within the region.
FOCUS
Money to lend comes from capital provided by local participating financial institutions. The focus of the CDC is on small to medium size businesses who require capital for technology, modernization, physical rehabilitation of structures, or cash flow to make them more economically viable.
GROW
While these loans ultimately promote job retention and job creation, it is the CDC who provides a vehicle for gap financing to support those loans when conventional lenders are unable to meet the financing needs of the small business.
The Upper Illinois River Valley Community Development Corporation is an Illinois corporation established on December 13, 1993. The by-laws of the corporation were adopted on May 10, 1994, and the loan policy was passed on June 14, 1994.
The Upper Illinois River Valley Development Authority received a $12,500 Technical Assistance Grant from the Illinois Department of Commerce and Community Affairs to cover the start-up and organizational fees to form the CDC.
In November of 1994, the CDC received approval of a $50,000 grant from the Illinois Department of Commerce and Community Affairs for funds to increase the capital of the CDC to make loans to small business within the region.
EXECUTIVE
BOARD
BOARD OF
DIRECTORS
MICHAEL WICKKISER
UIRVCDC - Board of Directors
201 Liberty Street, Box 520 • Morris, IL 60450
ELIGIBLE
ACTIVITIES
TYPES OF BUSINESSES
include, but are not limited to: industrial, commercial, retail, or service related, located within the region which will create and/or retain jobs.
FINANCING
can cover a number of projects including:
♦Land ♦Buildings ♦Construction
♦Renovations ♦Leasehold Improvements
♦Machinery Equipment ♦Inventory
♦Working Capital ♦And More
PROJECT COSTS
are defined as all costs needed to complete the project. These costs generally include financing for working capital, retooling, construction or modernization.
INTEREST RATE, FEES, AND INVESTMENT TERMS
will be based upon a risk assessment of the project. The borrower must pay the cost of expenses incurred in processing the investment of the loan, including closing fees. Loan terms will normally be the same as that established by the conventional participating lender.
LOAN AMOUNTS
vary depending on the number of jobs created. The CDC maximum loan is $250,000. The CDC loan assumes a collateral position, which is subordinated to that of the companion lenders, but secured through a combination of collateral and personal guarantees or by any other security satisfactory to the CDC.
CONTACT
US
