Participating banks lend through Advantage Illinois programs. A consultation with a participating financial institution will include an assessment of your current or potential business strategy, expected performance and a review of the way your business will operate. The lender should be able to assist you in finding the right program and maximize its returns.
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.
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.
PLP Support of Small Business Administration SBA-7A Activity
Department support will be restricted to financing purposes other than those financed under the SBA-7A Guaranteed Loan. Department will participate in up to 50% of “Companion Loans” provided by the Lender to the same Borrower, and documented with separate, unguaranteed Notes. Department support is subordinated to both the lender’s and SBA’s respective positions (when required).
PLP Support of Small Business Administration SBA-504 Activity
Department support is restricted to financing purposes other than those financed under the SBA-504 Structure. Department will participate in up to 50% of “Companion Loans” provided by the Lender to the same Borrower, and documented with separate Notes. Department’s credit exposure will be subordinated to the Lender’s, and when required, to the SBA’s interests as well.