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The Treasurer’s Office wants to strengthen businesses through its
Employ Illinois interest rate reduction program by providing opportunities for business to grow, expand, and ultimately create new jobs. The Treasurer’s Office also wants to help local businesses struggling during difficult economic times so communities remain vibrant and jobs are protected.
Employ Illinois loans are used to acquire land, purchase equipment, provide working capital, buy inventory or make capital improvements that will lead to job creation.
Please contact our office for more information about the loan possibilities for your business by e-mailing employillinois@treasurer.state.il.us or call (312) 814-8953.
Amounts and Terms:
- Borrowers can receive loans for up to $10 million. The amount of the loan is based on the
projected salaries/wages of the jobs created and/or another quantifiable benefit to the state economy.
- The below-market interest rate is available for two years with the possibilty of a
three-year extension.
- The Treasurer's Office may require a site visit prior to approval.
Interest Rates:
- Interest rates are listed 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:
- The applicant must demonstrate that with an Employ Illinois loan, his/her business will
benefit the community by providing more jobs or in some other quantifiable way.
- The applicant must provide a brief explanation as to why conventional loan financing is
not adequate and why an Employ Illinois loan is necessary.
How to Apply:
If you have questions or need more information, e-mail employillinois@treasurer.state.il.us or call (312) 814-8953.
Program History:
- The Treasurer’s Office began offering its business loan program in 1998. Almost $175 million
has been deposited since inception, reflecting 200 projects and 13,000 new jobs in Illinois.
Personal Experiences:
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John Clark, owner and founder
of
Reggio's Pizza |
The only African American owner and operator of a frozen pizza company in the United States, John M. Clark Jr. followed his dream of opening a business more than 30 years ago.
Clark and his wife, Pearl, started Reggio’s Pizza in 1972 as a small carry-out and delivery pizzeria on Chicago’s South Side.
Today, Clark is the chairman and CEO of company with 200 employees, a USDA food inspection plant, one sit-down restaurant and eateries at O’Hare Airport and University of Chicago. You can find his pizzas in your grocer’s freezer.
The State Treasurer’s Office aided this expansion, providing
access to capital at several
points along the way.
“Without the Treasurer’s Office, we may not be where we are today,” Clark said.
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