Financing Your Project
Downers Grove has many financial institutions that can provide financing for your business project. Below, we’ve listed several resources, including state and federal, that we encourage you to take advantage of.
American Chartered Bank
2205 Butterfield Road, Downers Grove, IL 60515
5140 Main Street, Downers Grove, IL 60515
1200 Ogden Avenue, Downers Grove, IL 60515
62 Ogden Avenue, Downers Grove, IL 60515
6241 Main Street, Downers Grove, IL 60516
5134 Main Street, Downers Grove, IL 60515
Community Bank of Downers Grove
1111 Warren Avenue, Downers Grove, IL 60515
Community Bank of DuPage
535 Ogden Avenue, Downers Grove IL 60515
401 Ogden Avenue, Downers Grove, IL 60515
7351 Lemont Road, Downers Grove, IL 60516
5100 Main Street, Downers Grove, IL 60515
2201 63rd Street, Downers Grove, IL 60516
West Suburban Bank
5330 Main Street, Downers Grove, IL 60515
West Suburban Bank
2800 Finley Road, Downers Grove, IL 60515
Advantage Illinois consists of multiple programs to encourage institutional lending to small businesses, as well as the Invest Illinois Venture Fund to leverage private capital in start-ups and high-growth sectors. Advantage Illinois is funded by $78 million in federal funds from the State Small Business Credit Initiative (SSBCI) which is reserved in a State Treasurer’s account solely for this purpose.
Administered through the Illinois Finance Authority, the industrial revenue bond program provides the authority with the ability to issue tax exempt IRBs on behalf of Illinois manufacturers looking for long term financing on the purchase or renovation of fixed assets such as land, building, and equipment. IRBs may finance up to 100 percent of the total costs for qualifying projects of at least $1.5 million. Terms of the bonds may not exceed 10 years. A $1,500 non- refundable fee is required upon submission of application.
The 7(a) Loan Program includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes.
The Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $13,000.
The 504 program helps businesses with financing for projects involving the purchase, construction, or improvement of fixed assets. Banks and other lenders participate for 50% of the total project cost, while SomerCor finances 40% (up to $1.5 Million and even up to $4 Million in some cases) of the balance. This leaves only a 10% down payment for the business, helping it to preserve valuable working capital.
IBFS is a Certified Development Company (CDC) that works in partnership with the U.S. Small Business Administration (SBA). Since 1981, Illinois Business Financial Services has been developing diversified loan programs for small businesses, utilizing the SBA 504 and other loan programs to create jobs and millions of dollars in project funding.