Participation Loan Program
The Department of Commerce and Economic Opportunity Bank Participation Loan Program (PLP) is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 nor more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
| Program Details |
| Purpose: |
To help provide working capital, funds to purchase land and to construct/renovate a building or buy new equipment. |
| Eligibility: |
Any for-profit small business operating in Illinois which has, including its affiliates, fewer than 500 full-time employees is eligible and/or a Minority, Women or Disabled owned business is a business which is at least 51 percent owned by one or more minority, women or disabled persons and the management and daily operations of the business are controlled by one or more of the minority, women or disabled persons who own it. |
| Ineligible Projects (not all inclusive): |
Debt refinancing or contingency funding. |
| Loan Amount: |
Up to 25% of project, not less than $10,000 up to $750,000 maximum. |
| Term: |
Matches term of bank loan not to exceed 10 years. |
| Rate: |
Bank rate |
| Application Process: |
Apply directly at financial institution. Request is submitted by bank and takes 10-15 days for response from DCEO. For assistance with the process, contact Frank Brisbois, Vice President of Commercial Lending, Lake County Partners at (847) 247-0137 or fbrisbois@lakecountypartners.com. |
| Fees: |
2% subordination fee |
| Job Criteria: |
Must create or retain jobs or provide modernization |
| Other Requirements: |
Relies on bank underwriting and collateral requirements |
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