DCEO Launches Advantage Illinois
The Illinois Department of Commerce and Economic Opportunity (DCEO) today launched Advantage Illinois, an enhanced portfolio of lending and venture capital programs to help small businesses gain much-needed access to capital. The programs include:
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.
DCEO is now actively working to enroll lending institutions into the CAP, PLP and CSP programs so that they may begin making loans to small businesses as soon as possible. Businesses interested in receiving loans from these programs are encouraged to ensure that they have their financial and business plan materials in order by visiting a local Illinois SBDC for assistance in the interim before their bank is enrolled.
For more information, visit www.ildceo.net/AdvantageIllinois.