“Without this low-interest loan for the new facility, the cost justification of the new building would have been much more difficult for us.”

President and CEO Jo David Cummins.
   
 
 

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The Banking Development Program is intended to encourage banking institutions to open or expand a branch in a low or moderate income community so that the community’s credit and development needs are met.

Amounts and Terms:

  • Borrowers can receive up to $10 million.
  • The deposit for hard, construction costs is capped at $5 million.
  • The deposit for financing, programs and services can be up to, but not over, the deposit for hard costs. The maximum is $5 million.
  • The loan duration is two years with the possibility of a three-year extension.
  • A site visit may be required for approval.

Interest Rates:

  • Interest rates are indexed daily here and vary based on whether the loan covers hard costs or financing, programs and services costs. The listed rates are posted to give potential borrowers an indication of current rate figures. The final deposit rate is determined on the business day prior to issuing the loan. Contact our banking division at (217) 782-2072 with interest rate questions.

Program Eligibility:

  • The prospective financial institution must be approved as a state depository and have a CRA rating of satisfactory or better.

How to Apply:

If you have questions, please e-mail opportunityillinois@treasurer.state.il.us or call (312) 814-1244.

Success Story:

 

The Community First Bank of the Heartland has served Jefferson County for more than 100 years, but its old building wasn’t able to accommodate modern needs.

Thanks to a $674,000 deposit at a 2 percent rate, CFB built a new location, complete with two drive-through lanes, a night deposit, and an ATM machine in the Village of Woodlawn.

“Without this low-interest loan for the new facility, the cost justification of the new building would have been much more difficult for us,” said President and CEO Jo David Cummins.

  
   

Employ Illinois gives business owners access to capital to start or enhance their businesses with the help of low- interest rate loans.

Opportunity Illinois backs low-interest loans to consumers and community development agencies to improve the quality of life in Illinois.

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Money Market Fund allows local government entities to pool their investments to gain a higher rate of return for their residents.
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