McLean County Board's 2
Financial Assistance Programs
Updated as of 1/15/21
Both loan programs are 0% interest and forgivable loans.
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See the full press release from 10/21/2020 here.
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IMPORTANT: This is NOT a grant program, but these amendments did create the opportunity for qualified applicants to have their loans forgiven, and if not forgiven, issued at 0% interest.
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Expenses will be forgiven that assist in the adaptation and/or recovery from COVID restrictions:
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Supplies - receipts of PPE, sanitation, extending outdoor dining
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Technology - receipts of software to increase online sales
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Real Estate Improvements - receipts for drive-up or walk-up windows
Forgivable Micro-Bridge Loan Program
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The Micro-Bridge Loan is a 0% bridge loan up to $10,000 for nonresidential for-profit businesses under 10 employees in McLean County.
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The McLean County Board has allocated $300,000 for this program.
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The loan requires a support letter from a lender.
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Payments are deferred for 6 months.
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The applicant's loan documents will not be public record but rather housed at the EDC.
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To learn more, view the list of required documents, and apply visit the Bloomington Normal EDC website
Forgivable Recovery Loan Program
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The Recovery Loan is a 0% gap loan up to $20,000 (20% of total loan) for nonresidential for-profit businesses under 50 employees in McLean County.
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The McLean County Board has allocated $300,000 for this program.
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The loan requires a partnership from a bank to cover the other 80% of the loan.
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Payments are deferred for 6 months.
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The applicant's loan documents will not be public record but rather housed at the EDC.
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To learn more, view the list of required documents, and apply visit the Bloomington Normal EDC website