Advantage Illinois & FAME (Fund for the Advancement of Minority Enterprises) webinar
February 9 @ 10:00 am - 11:00 am
Advantage Illinois is a shot in the arm for our small businesses that have been negatively impacted by the Great Recession. By working in conjunction with the state’s lending community and venture capitalists, our goal is to help entrepreneurs and small businesses start-up or expand, creating new jobs at a faster rate.
With any PLP loan program, financial institutions identify potential opportunities for state participation:
- Standard Participation Loan Program (PLP) – designed to enable small businesses to obtain medium to long-term financing, in the form of term loans, to help grow and expand their businesses. Department participation is subordinated to the lender and has a “below market” interest rate.
- Minority/Women/Disabled/Veteran-Owned Businesses – similar to Standard PLP; however, the amount of financial support may range depending on loan term, MWDV majority control/ownership.
- Revolving Line of Credit (RLOC PLP) – similar to Standard PLP except in the form of a revolving line of credit. Maximum term is two years and further support requires reapplication.
Funding may be used for many purposes, including but not limited to:
- start-up costs,
- working capital,
- business procurement,
- franchise fees,
- as well as the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.