“The program allowed us to feed thousands of more people and pay for many trucks full of food and relief for the poor and disaster victims across our state and country,” said Midwest Food Bank’s Peoria Area Director Larry Herman.”

Midwest Food Bank’s Peoria Area Director Larry Herman.
   
 
 

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Non-profit organizations use the Opportunity Illinois interest rate reduction to expand or improve their operations for the public good. Organizations can also use the Opportunity Illinois interest rate reduction to restore landmark buildings or historical structures for the benefit of future generations.

Amounts and Terms:

  • Borrowers can receive up to $10 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 or you may contact our office at (217) 782-2072. 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.

Program Eligibility:

  • Non-profit organizations must provide their non-profit certification letter from the Illinois Secretary of State or tax-exempt letter from the IRS.
  • Faith-based organizations must submit a Secular Acknowledgement Form, certifying that no state funds will be used for non-secular purposes.
  • The applicant must show that with the help of the Opportunity Illinois loan, their business or organization will provide a benefit to their community.
  • The applicant must provide a brief explanation why conventional loan financing is not adequate and why an Opportunity Illinois loan is necessary incentive.
  • A participating Illinois financial institution must approve the application.
  • For historic preservation, the National Park Service or a certified local government entity must designate the property as a historic landmark.
  • For historic preservation, the applicant must present documentation certifying that he/she will follow the Secretary of the Interior’s Standards of Rehabilitation.

How to Apply:

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

Personal Experience:

 

Midwest Food Bank was founded in 2003 when the Kieser family began providing food to about 10 McLean County food pantries out of a building on their family farm.

Today MFB has distribution warehouses in Bloomington and Peoria which serve approximately 500 organizations across the Midwest and provide food to more than 100,000 people each month.

The Peoria location was built thanks to a $750,000 low-interest loan from Citizen’s Equity First Credit Union and matching donations. Opportunity Illinois saved the food bank $90,000 in interest.

“The program allowed us to feed thousands of more people and pay for many trucks full of food and relief for the poor and disaster victims across our state and country,” said Midwest Food Bank’s Peoria Area Director Larry Herman.

  
   

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.

Cultivate Illinois helps farmers offset the rising cost of farming and encourages green business development.
Money Market Fund allows local government entities to pool their investments to gain a higher rate of return for their residents.
Online bill paying gives people with busy schedules a quick and convenient way to pay government bills and fees.