City of Princeton Revolving Loan Fund
The City of Princeton has direct, low interest loans available through its Revolving Loan Fund. This pool of money has been set aside by the City in order to provide a source of gap financing for expansion efforts of local industry and new industries wishing to locate within the community.
Interest Rate: 3%
Term: 10 year maximum
Maximum Loan: $200,000
Job to Loan Ratio: 1 : $15,000.00
Leverage Ratio: 3 : 1 ($3 private money to $1 RLF money)
Eligible Costs: Land, Buildings, equipment, inventory, working capital
Job Creation/Retention: 51% of jobs created/retained must be low-moderate family income employees.
Eligible Area: Business located within the City of Princeton corporate boundaries.
For more information contact:
Pete Nelson, Planning and Zoning Administrator
City of Princeton
2 South Main Street
Princeton, IL 61356
Phone: (815) 879-3381
State of Illinois - Grants and Low-interest Loans
Targeted financial assistance is also offered through the State of Illinois with grants and competitive financing to qualifying firms.
Illinois Department of Commerce and Economic Opportunity, Northwest
1830 Second Avenue, Suite 200
Rock Island, IL 61201-8038
Phone: (309) 794-1769Upper Illinois River Valley Development Authority (UIRVDA)
UIRVDA was created by action of the Illinois General Assembly and the Governor's Office. UIRVDA is a general development agency for the counties of Bureau, Grundy, Kendall, LaSalle, Marshall and Putnam whose mission is to promote and enhance development within these counties in Illinois by means of unique financial and supportive powers. These financial and supportive powers enable it to issue taxable, tax-exempt bonds and moral obligation bonds for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.
The Upper Illinois River Valley Development Authority has two general program categories: Economic Development Revenue Bonds and local Government Assistance Bonds. The Economic Development Revenue Bond Program was established to offer taxable or tax-exempt bond financing for manufacturing or commercial enterprises. Bond proceeds are loaned to borrowers to finance projects in the Authority's jurisdiction, which facilitates the economic development of the region or works toward the retention of existing business and industry. The maturity of both types of bonds is flexible and can range from ten (10) to thirty (30) years. The bond interest rate may be fixed or variable and depends on current market rates. Idea projects for consideration should be related to job creation, retention or expanded economic activity.
- New Construction
- Machinery or Equipment
- Industrial Development
- Solid Waste Pretreatment
- Housing or Residential Facilities
- Acquisition of Land/Buildings
- Renovation of Existing Facility
- Pollution Control
- Waterfront Improvement
For more information contact:
Andrew Hamilton, Executive Director UIRVDA
UIRVDA Capitol Office
2508 Dickens Drive
Springfield, IL 62707
Phone: (217) 546-7525
Electric Demand Rate Discount
All newly established commercial and industrial located within the City of Princeton corporate boundary may be eligible for a temporary reduction in their demand rate if the business requires a 200 amp service and draws 75 kW in the first six months. For every 5 full time employees there will be a discount on demand charges of 6.25% up to a 50% discount for 40 full time employees. The discounted rate will be held for one year and will phase out uniformly over 5 years. For more information, please refer to Chapter 13, Article II, Section 13-27, Paragraph 6 of the City Code Book.