Job Creation Loan Program

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The Madison County Community Development Economic Development/Job Creation Loan Program provides direct financing to businesses at a below-market interest rate in cooperation with private sector lenders. 

The primary objective of the program is to provide "gap" financing to businesses expanding or locating their operations in Madison County expanding and new businesses whose projects create permanent jobs for qualified low or moderate-income individuals within Madison County.  Assisting manufacturing firms is one of the program's highest priorities.

The most significant priority of the Job Creation Loan Program is the creation of jobs for low and moderate-income individuals. Businesses that receive a low interest loan are required to certify that for every $10,000 to $15,000 of loan funds provided; at least one job will be created for a qualified low or moderate income individual.

Under the guidelines of the Economic Development-Job Creation Loan Program, loans are typically made in the amount of $100,000 or 10 percent to 25 percent of the business's total project costs, whichever is less.  In special cases in which there is substantial job creation, additional funds may be requested and granted upon the approval of the Madison County Board.  The loan funds are normally issued at an interest rate of three percent interest for a five (5) year term.  The remaining 75 percent to 90 percent of the project costs must be provided by the business's participating lending institutions and its equity investment.

Madison County Community Development will conduct a thorough financial and technical review of each application submitted to the department on a first-come, first-served basis.  After the review has been completed, Community Development and the business applicant will present the application to the Madison County Grants Committee for its review.  If the result of the review is favorable, the Committee will submit a recommendation to the Madison County Board, which must approve the loan by a simple majority.  Following approval of the loan, Madison County Community Development will coordinate the loan closing with the applicant.

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Edwardsville, IL. 62025
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