Rural Micro-Business Participation Loan Program
The Rural Micro-business Participation Loan Program is a variation of the Participation Loan Program designed to provide subordinated loans of up to 50% of a project (maximum $25,000) to Illinois Rural Micro-businesses through participating lending institutions. A rural micro-business is a for profit business that: (i) employs 5 or fewer full-time employees, including the owner if the owner is an employee, and (ii) is based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. The borrower is required to provide equity of at least 10% of the project up to $1,000 (10% of a $10,000 project). Funds cannot be used for debt refinancing or contingency funding.
Category: IL State Incentive, Illinois Loan Programs
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