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Cook County Revolving Loan Fund
The purpose of the Cook County Revolving Loan Fund (RLF) is to promote economic development within Cook County by providing loans to businesses located, or to be located, within Cook County and to promote affordable housing for employees of those businesses, as necessary, for continued economic development within the County.
Loans made or provided by the County are intended to create and maintain permanent private sector jobs, expand the tax base and increase economic productivity; and/or create the inducement necessary to allow a project to proceed, and/or for employee housing if businesses cannot retain or attract employees because of a lack of affordable housing.
Loans made or provided by the County are intended to complement, not compete, with private lending institutions.
Summary of Revolving Loan Fund Guidelines
Loans for land and building purchase/construction and leasehold improvements and renovations can be made for a maximum of 20 years.
Loans for acquisition, renovation, or moving machinery and equipment can be made for a maximum of 10 years.
If the loan is $75,000 or less there are two options for the interest rate charged:
A fixed rate of 1% over the 10 year T-bond for real estate loans or 1.5% over the 10 year T-bond for machinery and equipment loans
A variable rate of .5%
For loans over $75,000 the County must charge the current market rate, per State statute.
The maximum loan the RLF will make shall not exceed 33 percent of the aggregate amount of the project to a maximum of $250,000