The first place to go when you have your plan in place is your local lender. Many banks and financial institutions can help you create a financial plan that makes sense for your business and your personal finances.
Local lenders we work with and would recommend include:
Better Banks - Amanda Miller, 309-272-6353, firstname.lastname@example.org
Heartland Bank – Nick Esser, 309-284-5301, email@example.com
Morton Community Bank – Jeremy Knepp, 309-266-5337 x 217, Jeremy.firstname.lastname@example.org
PNC Bank – Jim Ritthaler, 309-263-1915, James.Ritthaler@pnc.com
Morton Revolving Loan Fund
The Morton Revolving Loan Fund provides loans of $5,000 - $25,000 over a 5 year term at a low interest rate to pair with traditional financing for the acquisition of property or equipment and property improvements. The program is ideal for a business that can only receive a portion of a needed loan from their financial institution. The Morton RLF is funded through the Morton Business District Fund. Applications will be reviewed monthly as needed.
Morton Facade Improvement Grant
The Morton Façade Improvement Grant provides small grants of up to $5,000 to commercial property owners and occupants for exterior building and signage improvements. The grant is open to any business or building owner located in the Morton Business District, which is the vast majority of local businesses. The Morton Façade Improvement Grant is funded through the Morton Business District Fund. Grants are awarded in two rounds. The first round applications are due middle of June, and second round applications are due January 31. View Guidelines Download June 2017 application
The Morton MicroGrant provides small grants of up to $5,000 to for-profit business owners interested in starting, moving, or growing a business in Morton. Funds can be used for property improvement or acquisition, equipment purchases, inventory and working capital, and rent subsidies. The Morton MicroGrant is funded through a directed investment with the Morton EDC made by Morton Community Bank. Applications are reviewed on a monthly basis as needed.
The City of Morton has a designated Enterprise Zone that has been in existence since the early 1980s. By state statute, an Enterprise Zone is an area designated by a municipality for targeted business growth and economic revitalization. The Enterprise Zone stimulates economic growth and neighborhood revitalization in economically depressed areas of the state.
More on Morton’s Enterprise Zone
Industrial Revenue Bonds
An Industrial Revenue Bond (IRB) is a form of municipal bonding that is designated for use by private manufacturers. Projects within an Enterprise Zone are given preference for IRBs. By providing a reduced financing rate, an IRB gives small manufacturers’ access to capital (both locally and in national markets) that they ordinarily might not have. IRB’s can be issued for amounts between $1.5M and $10M, and the interest rate is generally below market value and sometimes even below prime. These loans can be at fixed or variable rates and usually have terms of 20 years. Unlike many other state and locally-run programs, IRBs can fund 100% of costs. These costs can include purchase of land, buildings and new machinery. Applicants must secure the legal opinion of certified bond counsel. For more information on this program, please contact the MEDC.
Tazewell County Business Development Loan Program
The Tazewell County Business Development Loan Program provides direct financing to for-profit businesses at a below-market interest rate in cooperation with private sector lenders. The purpose of the program is to help businesses create or retain jobs and assist in providing businesses with the opportunity to expand in Tazewell County. To qualify, a business must be for-profit, located in Tazewell County, benefit low to moderate income persons, have owner equity, and have at least 51% of the project approved for financing by a bank or other financial institution. For every $10,000 of loan funds provided, 1 FTE job should be created or retained. Loan maximum is $150,000. For more information on this program, please contact the MEDC.
Illinois Employer Training Investment Program
The Employer Training Investment Program (ETIP) supports Illinois workers’ efforts to upgrade their skills in order to remain current in new technologies and business practices, enabling companies to remain competitive, expand into new markets and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50 percent of the cost of training their employees. Grants may be awarded to individual businesses, intermediary organizations operating multi-company training projects and original equipment manufacturers sponsoring multi-company training projects for employees of their Illinois supplier companies.
More on ETIP
If you are considering the implementation of electric energy efficiency modifications to your commercial building to reduce energy consumption and cost, you might consider applying for ActOnEnergy, a program administrered by Ameren Illinois Utiltiies. This program offers cash-back incentives for energy efficiency projects of all sizes and types including lighting fixtures and controls, motors and drives, and efficient colling equipment.
More on ActOnEnergy
State of Illinois Resources
DCEO Loan Programs
DCEO Tax Assistance
IDOT Economic Development Transportation Program