Advantage Illinois - Small Business Lending
The number one challenge small businesses face in today's economy is gaining the funds they need to start or run their business. Governor Pat Quinn recently launched Advantage Illinois, the Department of Commerce and Economic Opportunity's enhanced portfolio of lending and venture capital programs, to help small businesses gain much-needed access to capital.
There has never been a better time to grow Illinois ideas or business! Register for the webinar and learn more about:
• Capital Access Program (CAP) assists businesses with various financing needs. It is designed to encourage financial institutions to make loans to small and new businesses that do not qualify under conventional lending policies.
• Participation Loan Program (PLP) supports businesses with projects that create or retain jobs and/or modernize their businesses to improve competitiveness. One component of the program is devoted to Minority/Women/Disabled/Veteran-Owned businesses (MWDV PLP). The state purchases and subordinates part of the loan to help mitigate lender risk.
• Collateral Support Program (CSP) establishes savings accounts or CDs that provide cash collateral support to lending institutions to enhance the equity and/or loan collateral levels of small business borrowers.
• Invest Illinois Venture Fund Program (IIVF) is a new venture capital program to support young, innovative companies in Illinois that show high growth potential, can demonstrate their place in the market and already have other investors.
Businesses interested in receiving loans from these programs are encouraged to visit their local Illinois SBDC for assistance to ensure that they have their financial and business plan materials in order before their bank is enrolled. Use the Find a Location button to locate your nearest office. You may also view the archived “Starting a Business” Webinars on Illinois workNet, click here to watch!
Click the Register Button to Participate!