LEE/WHITESIDE COUNTY COMMUNITY DEVELOPMENT CORPORATION

Bridging the Gap in Economic Development Project Financing

Economic development success stories invariably include a partnership between community representatives, business and finance. Many exciting projects are presenting themselves throughout Lee and Whiteside Counties that will require this partnership in order to be successful.

Some of these projects find it difficult, if not impossible, to secure adequate financing in the traditional method and have relied on state or federal subsidies for support. Securing subsidized financing is oftentimes a long and demanding process, so much so that the project never gets accomplished.

It is with this thought in mind that banks in Lee and Whiteside counties have joined together to form the Lee/Whiteside Community Development Corporation (UW CDC). The creation of the L/W CDC will enable the two counties to capitalize on this shift away from state subsidized loan programs by providing a pool of capital to help finance existing businesses, re-locations, and start-ups in:

TERMS OF THE LOAN

The terms of repayment to the UW CDC will mirror the participating banks in years, interest rates, and payment schedule. In general, the terms will follow the schedule below:

Real Estate - up to 15 years

Machinery & Equipment - up to 10 years

Inventory & Working Capital - up to 5 years

The UW CDC has established $100,000 as a maximum per loan.

LOAN GOALS

The ten participating banks strongly agree that there needs to be more effort put into encouraging job creating investments in Lee an Whiteside Counties. We have purposely kept the eligibility requirements broad enough to cover most industrial, commercial or service related business located in the two counties. Projects must include some private investment and be committed to the creation or retention of permanent full-time jobs. The intent is not compete with area banks, but rather to provide an option for projects which can provide a innovative option for complex financing requirements.

PARTICIPATlNG BANKS

1st National Bank in Amboy

815-857-3625

1st National Bank of Sterling & Rock Falls

815-264-045

AMCORE Bank N.A., Dixon

815-288-2222

AMCORE Bank N.A., Rock River Valley

815-626-4321

Community State Bank of Rock Falls

815-625-1110

Farmers State Bank of Sublette

815-849-5242

Farmers National Bank, Prophetstown

815-537-2348

First Trust 8 Savings Bank, Albany 309-887-4335

Fulton State Bank

815-589-3232

Smith Trust & Savings Bank, Morrison

815-772-7611

ECONOMIC DEVELOPMENT RESOURCES

Dixon Industrial Development Association Tim Chase

815-288-2154

Greater Sterling Development Corporation Acid

Reid Nolte

815-625-5255

Small Business Development Center

John Nelson

815-288-5511

Whiteside County Economic Development

Sally Meier

815-772-5175

FOR MORE INFORMATION

Simply call Tim Chase at 815-288-2154 or any of the participating banks or economic development resource people listed above to take advantage of this unique financing program.

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