The City of Galesburg offers multiple revolving loan fund products to fill gaps in eligible commercial projects on a case-by-case basis. With a private-sector lender in the lead position, the city can support deals that may not be able to be financed conventionally. This funding is capped at 40 percent of total project costs, with a $250,000 maximum, and considers job creation and wages paid (eligibility amount increases with wage rates). Funds can be used for purposes such as working capital, inventory, fixtures, or equipment, but not to refinance existing debt.

Speculative project financing is prohibited. Jobs must be created or retained by borrowers within a 24-month period of funding. Companies are required to supply a comprehensive set of financials in order to be considered for funding.

Interested borrowers are encouraged to contact conventional lenders first. Since the City cannot finance more than 40 percent of any given project, conventional financing through a bank or credit union must be part of your project. City funding will match the interest rate and term offered by participating conventional lenders. All borrowers must be able to contribute at least 10 percent of their project’s costs in cash equity at the time of closing. Call (309) 343-1194 for more information.

Click here for detailed information on the community’s financing and incentive programs.