Tell a Neighbor--the Lend Rush is On!

Many of Monroe County's financial institutions and entrepreneurs turned out this morning to hear a briefing from the Illinois Department of Commerce & Economic Opportunity (DCEO) on the Advantage Illinois program.  As with any other financing program, opportunities are limited--and the rush to qualify and submit projects is on!

Advantage Illinois began last October with $29 million allocated to its various programs through the U.S. Treasury as Illinois' share under the Small Business Jobs Act. Accessing the program requires participation from a bank, which must be pre-registered before it can submit projects for review and acceptance. To date, only twenty banks across the state have been registered as lenders and just shy of $18 million in applications have been received.  If DCEO can push applications beyond 80% of allocations in the first twenty months of the program, then another $29 million will become available; ultimately, the program may be authorized to provide $78 million of support to Illinois businesses.

Monroe County banks and small business owners have a competitive advantage right now as one of the very first communities to gain a briefing on the program.  Now, it's up to local banks to register for the program and for local entrepreneurs to submit great projects--pass the word!

For more information about Advantage Illinois and other financing programs available to small businesses in Monroe County, please contact Nora Feuquay at (618) 939-8681 x.309  or Paul Ellis at (618) 281-7144 x.118.