The Revolving Fund Sub-Committee meets at the call of the Committee Adviser. This committee is responsible for providing advice and recommendations to the Village Board on matters relating to stimulating economic growth within the Village of Machesney Park through providing needed financial assistance to new start-up businesses, assisting new or existing businesses to create and retain jobs, providing businesses with the opportunity to expand, and to encourage and leverage financial assistance to businesses by area private financial institutions. The Revolving Fund Committee is chaired by a Village board member and is made up of three local bank representatives. This Committee is comprised of one (1) Trustee and three (3) Financial Institutions with advisers from Village Attorney, Finance Manager, and Community Development. To qualify for a loan from the Revolving Fund, the employing business must be located within the corporate limits of the Village.
Chairman: Mayor Johnson
Members: Todd Larson, Patrick Morrow, Allen Godin
Adviser: Michelle Johannsen
Ex-Officio: Mayor Johnson
The Village of Machesney Park in conjunction with a lending institution will assist in the financing of an eligible project. Village participation cannot exceed 50% of the total project cost, subject to the availability of funds. Terms of the loan are negotiated with flexible repayment to match company’s cash flow.
Eligible Project Costs/Uses
Site development costs are as follows:
Construction of new facility and/or renovation of existing building or leasehold improvements.
Purchase of new or used machinery and equipment.
Working capital for new start of business or expansion of existing business.
Job Creation/Retention Criteria
A minimum of one full-time equivalent (1,950 hours annually) position must be created for every $15,000 loaned through the program and at least 51% on the positions retained or created must benefit persons of low to moderate income.
Loan decisions will be made individually by the participating bank and the Village of Machesney Park. For this purpose, the Village has set up a special loan review committee to review the applications for loans that are submitted. It is the responsibility of each business to secure bank financing to be used in association with Village loans. Loan requests will be judged on the basis of the loan support information submitted by the applicant.
The review process will take approximately six (6) weeks. Applications are reviewed on a ” first-come, first-served” basis by Village staff, the Revolving Fund Sub-Committee and the Village Board of Trustees. Those that meet the Village’s criteria and demonstrate the greatest potential for job creation/retention will be considered.
Click the link below to view or download the Revolving Fund Application form.
For more information, contact:
James Richter II
Community Development Director
Village Hall, 300 Roosevelt Road
Machesney Park, Illinois 61115
Phone: (815) 877-5432
The following is the application package for the Village of Machesney Park’s Revolving Loan Fund: