Discover a pathway to empowerment with an Advantage Illinois loan. Our inclusive and accessible loan program provides a stepping stone for those seeking financing, even if you’ve had challenges with credit in the past. Let us be your partner in progress, supporting you every step of the way as you build a brighter future for your business and your community.
An Advantage Illinois loan is a participation loan program (PLP) designed with a commitment to equitably support Illinois small businesses by offering enhanced access to capital. With flexible eligibility requirements, Advantage Illinois provides a quick application process, lower interest rate, and financing opportunities to low-to-moderate-income individuals.
Business owners unable to obtain financing may benefit from the loan program. Flexibility is key as Advantage Illinois supports low-to-moderate-income individuals in a variety of ways, whether you have limited assets to offer as collateral, lack of historical cash flow, or negative net worth. Our goal is to help your business get the term loan financing it needs, at lower rates to help you succeed.
With a maximum term of 7 years, Advantage Illinois loans offer financing with maximum participation being the lesser of 25% of the project, 50% of the loan, or $2 million. For more details, contact us today and a loan specialist will be happy to assist you.
SEDI – or Socially and Economically Disadvantaged Individual(s) - is a program within Advantage Illinois. A SEDI business must certify they have had diminished credit due to a broad category of factors. With a maximum term of 7 years, SEDI business loans offer 2% fixed rate financing with maximum participation being the lesser of 50% of the project, 50% of the loan, or $2 million. For more details, contact us today and a loan specialist will be happy to assist you.
Advantage Illinois loans can be used for a variety of business purposes including working capital, equipment purchase, inventory, leasehold improvements, accounts receivable, or real estate acquisition (must be 51% or more occupied by the business).
The documentation and application process for an Advantage Illinois loan is short and simple since it has been designed to accelerate credit distribution. For a more detailed estimate, contact us today and a loan specialist will be happy to assist you.
While some collateral may be required, Advantage Illinois loans typically do not require full collateral coverage. Advantage Illinois does not decline a loan solely based on lack of collateral.
Yes, startups are eligible for Advantage Illinois loans. However, they might need to provide additional documentation to demonstrate their business plan's viability and repayment ability. For more details, contact us today and a loan specialist will be happy to assist you.
Yes, Advantage Illinois loans generally do not have prepayment penalties, allowing borrowers to repay the loan early and save on interest costs. However, a prepayment penalty may apply for loans with longer amortization. Contact us to learn more.
Yes, the Advantage Illinois loan program allows refinancing with an unrelated lender. New funds should include supporting new job creation in Illinois. Contact us to learn more.
Your situation is unique, and the ideal Advantage Illinois loan program depends on your specific needs and qualifications. Seeking guidance from an SBA Preferred Lender such as Midland States Bank will help you explore available options and select the best-suited loan program. If you're ready to take the next step, contact us today and a loan specialist will be happy to assist you.
