Eligibility Standards and Criteria

To be eli­gi­ble to receive assis­tance from the Union Coun­ty Revolv­ing Loan Fund:

  • the loan must be used to ben­e­fit a busi­ness with­in the des­ig­nat­ed Union Coun­ty cor­po­rate lim­its
  • the loan amount can­not exceed 30% of the total project cost
  • one full-time equiv­a­lent (FTE) posi­tion must be cre­at­ed or retained for every $15,000 incre­ment bor­rowed (Part-time posi­tions may equate an FTE. Doc­u­men­ta­tion will be required.)
  • at least 51% of the jobs created/retained must ben­e­fit low-to-mod­er­ate income per­sons
  • the loan may not be used to retire exist­ing debt
  • sat­is­fac­to­ry col­lat­er­al is required
  • the borrower(s) must per­son­al­ly guar­an­tee the loan
  • funds used for con­struc­tion must be applied in accor­dance to the Davis-Bacon Act, which requires cur­rent fed­er­al pre­vail­ing wage rates and ben­e­fits be paid to all con­struc­tion employ­ees (Con­trac­tors will be required to sub­mit cer­ti­fied pay­rolls.)
  • the project must clear an envi­ron­men­tal process before approval

Contact:

Union Coun­ty Board of Com­mis­sion­ers
c/o Ang­ie John­son
309 West Mar­ket Street, Room 110
Jones­boro, IL 62952

ajohnson@unioncountyil.gov


With questions, contact:

Union Coun­ty Trea­sur­er
309 West Mar­ket Street, Room 123
Jones­boro, IL 62952

618–833-5621
lburns@unioncountyil.gov