Small Business Loans

Mid Central Community Action, Inc. is actively participating in the Community Service Block Grant (CSBG) Loan Program to assist in financing small businesses for either start-up or expansion projects.

The Illinois Community Services Block Grant Loan Program is administered jointly by the Illinois Department of Commerce and Economic Opportunity, a statewide network of Community Action Agencies (CAA’s) and Illinois Ventures for Community Action (IVCA).

The purpose of the CSBG Loan Program is to create and retain jobs for low-income persons and to promote economic growth in McLean and Livingston Counties. The intention is to “fill the gap” in conventional financing, not to duplicate the financing of private lenders. The loan program could lend 20%-49% of a total loan project at a fixed interest rate of 5-7% for up to 10 years. The remaining 51%-80% of the loan package must be obtained through a local bank (with or without SBA participation) and owner equity. Moneys are disbursed on a first-come, first-serve basis.

The CSBG Loan Program funds may be used for machinery, equipment, inventory and/or working capital. Funds may not be used for land or building purchases, construction or renovation; those needs would fall under the private lender’s funding.

Potential loan projects must plan to create and maintain one full-time equivalent job for a low-income person or persons for every $20,000 (or part thereof) of CSBG loan funds. The hiring must be completed within the first two years of the loan.

The processing of the loan can take from 60-90 days. There is a $20 fee for running the credit reports required of CSBG loans, as well as a 1% closing fee.

Available Resources:

BUSINESS and MANUFACTURING ESSENTIALS PROGRAMS

Business Essentials is a 16-week college level certificate program designed to reinforce the skills most desired by an office enviromnent.
Manufacturing Essentials is a 16-week occupational certificate bearing program designed to meet workplace needs through hands-on work site skills in manufacturing production.
All curricula focus on business communication, and work ethic skill building for non-traditional students. Currently, the program is expanding to include “Hospitality Essentials” which aims at offering hotel/concierge skills and “Infotech Essentials” geared towards computers.

Applicants must be unemployed or underemployed; possess a high school diploma or G.E.D. There are NO out-of-pocket expenses. Students receive books, supplies, assistance with child care and transportation as well as a computer to use in the home. Job placement support is provided for those that successfully complete the program. Prospective students MUST attend an orientation session, for program consideration. Please call Workforce Services, for further information or to reserve space, (309) 268-8048.

SMALL BUSINESS MANAGEMENT

Business Management is a certified course offered in the Fall by Illinois State University, taught by a combination of McLean County Small Business Development Center staff as well as local attorneys, accountants and business professionals. Available to existing businesses at minimal cost, the Registration fee is $165 for the entire program, or $20 per class; prices subject to change without notice.

Whether yours is a home-based business, retail store, larger entity or “business idea”, you are invited to contact The McLean County SBDC, (309) 438-3610 for private consultation. If you merely have a “business idea”, you are urged to attend one of the “Starting Your Own Business” seminars to gain the framework needed to build your business house; available to the public at NO cost. Registration for all events is required before attendance is allowed. Call and/or view the website: www.sbdc.ilstu.edu for seminar, workshop schedules and further counseling information.

Service Corps of Retired Executives (SCORE)

A national organization of volunteers that provide business counseling
www.central-illinois-score.org
Your local connection: (309) 664-0549

Small Business Development Corporation (SBDC)

An Illinois State funded agency that helps with business plans, rules and regulations of differing business types.
www.sba.gov
(800) 827-5722

For further information and/or application forms, please contact:
Small Business Loan Program
Mid Central Community Action, Inc.
1301 W. Washington St.,
Bloomington, IL 61701
Phone: (309) 834 9232
Email: fiscal1@mccainc.org