City of Marengo

The Official Site for the City of Marengo

Menu 
  • HOME
  • ABOUT MARENGO
    • COMMUNITY EVENTS
    • HISTORY OF MARENGO
    • DEMOGRAPHICS
    • CITY NEWS
    • MAPS
  • LIVING HERE
    • CALENDAR
      • MEETING CALENDAR
      • GARAGE SALE CALENDAR
    • UTILITIES
    • ONLINE PAYMENTS
    • VOTER REGISTRATION
    • PRESS RELEASES
    • QUARTERLY NEWSLETTER
    • LOCAL SERVICES
      • FIRE
      • RESCUE
      • LIBRARY
      • PARK DISTRICT
      • SCHOOLS
      • McRIDE
      • CHAMBER OF COMMERCE
      • MCHENRY COUNTY CONSERVATION DISTRICT
    • MARENGO MAYORS’ MONARCH PLEDGE
  • GOVERNMENT
    • ELECTED OFFICIALS
    • MUNICIPAL CODE
    • DOCUMENTS, FORMS, AND APPLICATIONS
    • CONTRACTS & BIDS
    • FOIA
    • AGENDAS & MINUTES
      • MEETING MINUTES AND AGENDAS – 2022
      • MEETING MINUTES AND AGENDAS – 2021
      • MEETING MINUTES AND AGENDAS – 2020
      • MEETING MINUTES AND AGENDAS – 2019
      • MEETING MINUTES AND AGENDAS – 2018
      • MEETING MINUTES 2009-2017
    • EMPLOYMENT OPPORTUNITIES
    • STAFF DIRECTORY
    • PUBLIC NOTICES
    • OTHER LOCAL GOVERNMENT
      • MARENGO TOWNSHIP
      • CORAL TOWNSHIP
      • RILEY TOWNSHIP
      • SENECA TOWNSHIP
      • McHENRY COUNTY
      • STATE OF ILLINOIS
    • CITY OF MARENGO AUCTION PAGE
  • DEPARTMENTS
    • PUBLIC WORKS
    • BUILDING DEPARTMENT
    • FINANCE
    • HUMAN RESOURCES
    • CLERK’S OFFICE
    • WATER & SEWER
    • WASTEWATER TREATMENT PLANT
    • POLICE
    • ADMINISTRATION
    • ENGINEER
  • I WOULD LIKE TO…
    • BUY A VEHICLE STICKER
    • MAKE AN ONLINE PAYMENT
    • APPLY FOR A GARAGE SALE
    • APPLY FOR A JOB
    • REQUEST PUBLIC RECORDS
    • DOCUMENTS, FORMS, AND APPLICATIONS
    • CONTACT A DEPARTMENT
    • SITE SELECTION
      • PROPERTY INFORMATION
        • AVAILABLE COMMERCIAL PROPERTIES
        • GIS
        • I-90 & ROUTE 23 AVAILABLE PROPERTIES
        • ALLOWED USES
        • ASSESSOR OFFICES
      • UTILITIES
        • WATER & SEWER
        • ELECTRICITY
        • GARBAGE & RECYCLING
        • TELECOMMUNICATIONS
      • LOCAL REALTORS
    • MARENGO PROFILE
      • DEMOGRAPHICS
        • COMMUNITY PROFILE
        • DEMOGRAPHICS
        • MARKET PROFILE
        • ABOUT THE CITY
      • TRANSPORTATION
        • HIGHWAYS / TRAFFIC COUNTS
        • RAILROADS
        • INTERMODAL SITES
        • AIRPORTS
        • SHIPPING
        • PUBLIC TRANSPORTATION
      • TAX INFO
        • PROPERTY
        • SALES & OTHER TAXES
      • LIVING HERE
        • EDUCATION
        • HEALTH CARE
        • PARKS & RECREATION
        • HOUSING
        • EMERGENCY SERVICES
        • WORKFORCE
        • TOP EMPLOYERS
        • INDUSTRY CLUSTERS
        • RECENT INVESTMENTS
    • BUSINESS RESOURCES
      • LOCAL INCENTIVES
        • BUSINESS INCENTIVES
        • TIF
        • REVOLVING LOANS
        • FTZ-176
      • FINANCING
        • LOCAL FINANCING
        • SMALL BUSINESS
        • ANGEL FINANCING
        • VENTURE CAPITAL
      • INDUSTRY SPECIFIC
        • HIGH TECH
        • MANUFACTURING
        • HEALTH CARE
        • CHILD CARE
        • ENERGY
        • WASTE DISPOSAL
        • AGRICULTURE
        • TOURISM
        • NON-PROFIT
    •  
      • PROPERTY SPECIFIC
        • BROWNFIELDS
        • DOWNTOWN
        • HISTORIC
      • EVERYONE
        • LOCAL HELP
        • BUSINESS REQUIREMENTS
        • SEARCH FOR GUIDES
      • SPECIAL OWNERSHIP
        • WOMEN & MINORITY
        • VETERANS & MILITARY
      • WORKFORCE
        • HUMAN RESOURCES
        • INCUMBENT TRAINING
        • JOB CREATION
      • BUSINESS START-UPS
        • START-UP PROGRAMS
        • START-UP HELP
    • ENERGY EFFICIENCY
    • INNOVATION
    • FAQ
      • CURRENT BUSINESSES
      • PROSPECTIVE BUSINESSES

SMALL BUSINESS

peopleworking_3Basic 7(a) Loan Guaranty
Agency US Small Business Administration
Program Description This program helps qualified small business obtain financing when they might be eligible for business loans through normal lending channels.
Funding Range Max of $2 million loan; SBA will absorb $1.5 million; Maximum guaranty of 50%
Eligibility For profit, demonstrate need

CDC/504 Program
Agency US Small Business Administration
Program Description Program helps qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels
Funding Range 1 created/retained job for every $50,000 loaned.
Eligibility Manufactures are for profit, standard SBA business size

Microlan Program
Agency US Small Business Administration
Program Description Provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers
Funding Range Max of $35,000; average of $13,000
Eligibility Startup, for-profit

Prequalification Program
Agency US Small Business Administration
Program Description Assists prospective borrowers in developing viable loan application packages and securing loans. Program targets low income borrowers, disabled business owners, new and emerging businesses, veterans, exports, rural and specialized industries.
Funding Range Up to $250,000
Eligibility Businesses

Special Purpose Loans
Agency US Small Business Administration
Program Description The SBA has several lending programs for specific purposes. These include: Export Working Capital, Export Express, International Trade Loan, and CAPlines.
Funding Range Varies
Eligibility Specialized industry, Export, International Trade

Disabled Access Tax Credit
Agency US Department of Treasury
Program Description Private employers with 15 or more employees are prohibited from discriminating against qualified individuals with a disability. Employers must provide reasonable accommodation, and this tax credit is intended to help small businesses that might experience undue hardship on the operation of the employer’s business by making the accommodations.
Funding Range Varies by project size
Eligibility An eligible small business is a person with gross receipts that did not exceed $1 million in the preceding tax year

Pension Plan Stat Up Costs Credit
Agency US Department of Treasury Program
Description This helps small businesses offset the costs of setting up and administering a new qualified employer plan and educating employees about it.
Funding Range The credit is 50% of these costs, with a maximum amount of $500 per year.
Eligibility Small businesses

Entrepreneurship Center Grants
Agency Illinois Department of Commerce and Economic Opportunity
Program Description Matching grants
Funding Range Up to $10,000
Eligibility Small business with growth potential

Participation Loan Program
Agency Illinois Department of Commerce and Economic Opportunity
Program Description This is available to small businesses that apply for financing through a financial institution that offers the PLP. If the financial institution deems the loan appropriate for the PLP.
Funding Range Up to 25% and between $10,000-$750,000
Eligibility Businesses with 500 or fewer employees

Revolving Line of Credit Program
Agency Illinois Department of Commerce and Economic Opportunity
Program Description The Revolving Line of Credit Program (RLOC) provides small businesses access to subordinated loans at attractive interest rates and allows the business to borrow the capital needed, repay, and re-borrow as necessary, without applying for a new loan.
Funding Range $10,000-$750,000 or up to 25%
Eligibility Businesses with 500 or fewer employees

Employ Illinois: Job Creation
Agency Illinois State Treasury
Program Description Employ Illinois loans are used to acquire land, purchase equipment, provide working capital, buy inventory or make capital improvements. Employee benefits costs associated with new jobs created may now be included along with payroll costs.
Funding Range Up to $1 million; Possible for 3 year extensions under economic hardship
Eligibility Eligible small businesses

Employ Illinois: Business Loans Business Owners
Agency Illinois State Treasury
Program Description Strengthens business by providing opportunities for businesses to grow, expand, and ultimately, create new jobs. Loans are used to acquire land, purchase equipment, provide capital, inventory, and capital improvements which provide job creation.
Funding Range Project based: Max of $10 million
Eligibility Business that provide benefits to the community

Export Express
Agency US Small Business Administration
Program Description SBA Export Express helps small businesses develop or expand their export markets.
Funding Range The maximum line of credit/loan amount is $250,000.
Eligibility SBA Export Express loans are available to businesses that meet the normal requirements for an SBA 7(a) business loan guaranty. Financing is available for manufacturers, wholesalers, export trading companies and service exporters. Loan applicants must demonstrate that the loan proceeds will enable them to enter a new export market or expand an existing export market. Applicants must have been in business, though not necessarily in exporting, for at least 12 months.

Export Working Capital Program (EWCP)
Agency US Small Business Administration
Program Description SBA’s Export Working Capital Program (EWCP) loans are targeted to small businesses that are able to generate export sales and need additional working capital to support these sales. Since most banks in the U.S. do not lend against export orders, export receivables or letters of credit, SBA provides lenders guaranties of up to 90 percent on export loans to ensure that qualified exporters do not lose viable export sales due to a lack of working capital.
Funding Range  The maximum EWCP line of credit/loan amount is $2 million. Participating banks receive a 90 percent SBA guaranty provided that the total SBA-guaranteed portion to the borrower does not exceed $1.5 million.
Eligibility Financing is available for manufacturers, wholesalers, export trading companies and service exporters. EWCP loan borrowers must meet SBA 7(a) eligibility and size standards (less than 500 employees for manufacturers, less than 100 employees for wholesalers) and have been in business for at least one year. SBA can waive the one year in business requirement if the applicant can demonstrate sufficient export expertise and business experience.

International Trade Loan Program
Agency US Small Business Administration
Program Description  The International Trade Loan Program offers term loans to businesses that plan to start or continue exporting or that have been adversely affected by competition from imports. The proceeds of the loan must enable the borrower to be in a better position to compete.
Funding Range  The program offers borrowers a maximum SBA-guaranteed portion of $1.75 million.
Eligibility International Trade loans are available to small businesses that are in a position to expand existing export markets or develop new export markets, or small businesses that have been adversely affected by international trade and can demonstrate that the loan proceeds will improve their competitive position

Credit for Small Employer Health Insurance Premiums
Agency Internal Revenue Service (IRS)
Program Description  In general, the credit is available to small employers that pay at least half of the premiums for single health insurance coverage for their employees. It is specifically targeted to help small businesses that primarily employ moderate- and lower-income workers.
Funding Range  Credit is up to 50% of insurance costs paid by employer. Their is a sliding scale of benefits
Eligibility Businesses with less than 25 Full Time Equivalent Employees who pay less than an average wage of $50,000.

 

 

Copyright © 2022 • City of Marengo, IL • e-mail the webmaster S