Incentives

The Village's Revolving Loan Fund (RLF) program is a source of locally controlled financing to be used in cooperation with traditional bank loans to assist credit-worthy existing and startup businesses within the community. Both existing businesses interested in expanding their present operations as well as prospective new investors interested in establishing industrial or commercial operations are eligible to receive RLF assistance.

No more than one-third of the projects total cost may be provided by the RLF. At least one full time equivalent job must be created within two years for each $15,000 in RLF assistance. Revolving Loan Funds will carry at least a 3% interest rate. The repayment period will generally match the life expectancy of the assets being financed. Revolving Loan Fund proceeds may be used for both fixed asset and working capital purposes.

Prospective loan applicants should be aware that a nonrefundable packing/processing fee is charged and certain legal and filing fees associated with a loan closing. In some instances other professional fees for accounting services, appraisals, and/or environmental site audits may be sustained.

For more information contact the RLF Administrator: Ron Probst, Village of Teutopolis, 106 West Main, PO Box 776, Teutopolis, IL 62467.  Phone No. 217-857-3543 or Fax 217-857-3814.

SBA 504 Loan Program- Type: Fixed Rate Loan - Administrator: SCIRP&DC 

Program Description:  This program is available through the South Central Illinois Regional Planning and Development Commission. The objective of the program is to assist small and medium-sized start-up and existing businesses in obtaining long-term, subordinated financing for fixed assets with a low down payment. Financing up to $1 million may be obtained at fixed rates for 10 - 20 years based on $15,000 per job created or retained.

Rural Business Initiative Loan Program- Type: Fixed Rate Loan - Administrator: SCIRP&DC

Program Description: The South Central Illinois Regional Planning and Development Commission functions as an "intermediary lender" to provide local financial assistance to credit worthy businesses. The program is used in conjunction with a combination of business equity and conventional lending. A maximum of $250,000 can be loaned under the program with a fixed interest rate of 6.5% based on $25,000 loaned per job created or retained.

Title IX Loan Program- Type: Fixed Rate Loan - Administrator: SCIRP&DC 

Program Description: Similar to the Rural Business Initiative Loan Program except that the program can only be used in conjunction with industrial projects and the interest rate is fixed at 5.5%. Loan amounts are based on $15,000 per job created up to a maximum of $15,000 loaned.

Economic Development Contact:

South Central IL Regional Planning & Development Commission

120 Delmar Ave, Suite A

Salem, IL  62881

618-548-4234