Business Assistance & Incentives


ECIDC
 
(East Central Illinois Development Corporation) unifies the community leadership, resources, and organizations concerned with economic development to promote east central Illinois.
Illinois DCEO (Department of Commerce and Economic Opportunity) offers a wide array of programs and services designed to help Illinois businesses thrive in today’s economy.
Business Essentials Support & Technology Center (BEST) provides business counseling, on-line resume service, resource library, etc. sponsored by the Effingham Chamber of Commerce.
Illinois Small Business Development Center Network will help business to build and/or expand a businesses and is available to residents in either the Illinois Eastern Community Colleges or Lake Land College districts and if you are outside of the area, will refer you to the SBDC in your area.
SCORE offers both online and on-site workshops for business owners establishing their new businesses and for established entrepreneurs to market their business and manage the financial aspects of their venture.
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 start up 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 gene-rally match the life expectancy of the assets being financed. Revolving Loan Fund proceeds may be used for both fixed asset and working capital purposes.  Revolving 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 or the 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
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 Investment Loan Program
 – Type: Fixed Rate Loan – Administrator: SCIRP&DC
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 affixed interest rate of 6.5% based on $25,000 loaned per job created or retained.