Manufacturer’s Modernization Program (MMP)
The Illinois Department of Commerce and Economic Opportunity (DCEO) administers the Manufacturing Modernization program. Lake County Partners is a conduit for the program.
| Program Details |
| Purpose: |
The Manufacturing Modernization Loan Program is designed to provide manufacturers with access to adequate and affordable financing for upgrading and modernizing their manufacturing equipment and operations. |
| Program Description: |
To remain competitive in the global economy manufacturers must continually update their equipment. Investing in new technologies allows manufactures to increase production capacity and efficiency. The goal of this program is to make adequate and affordable capital available to Illinois manufacturers for retooling, equipment upgrades, and facility expansion. DCEO will participate with local lending institutions in loan amounts of a minimum of $10,000 and a maximum of $750,000, or 25% of the total project, which ever is less. The participation amount will be at sub-prime rates. |
| Eligibility: |
Existing Illinois manufacturing companies that employ less than 500 full-time workers, and are retooling, upgrading their equipment, or expanding their business are eligible for this program. Examples of eligible projects include:
- Acquisition and development of land
- Building Costs
- Fixtures
- Machinery
- New & Used Equipment
|
| Term: |
10 years |
| Fee: |
1-2% of loan amount may be required. |
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