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Advantage IL

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Advantage Illinois

The Advantage Illinois – State Small Business Credit Initiative (SSBCI) 2.0 Program is a $220 million initiative designed to support Illinois small businesses. The Illinois Department of Commerce and Economic Opportunity (DCEO) works with approved partners, such as the Berwyn Development Corporation (BDC), to offer loans at lower interest rates to enhance entrepreneurs’ access to capital. Advantage Illinois fills the gaps that prevent businesses from obtaining financing such as low credit score and lack of historical cash flow (start-up business).

Available Programs

The Participation Loan Program (PLP) helps businesses in Illinois get loans with lower interest rates. It does this by buying part of the loan and making it safer for the lender to lend money. The BDC is certified to lend through the Advantage Illinois PLP to businesses who operate a brick-and-mortar location in Berwyn.

Not located in Berwyn? View the list of participating lenders across the State of IL HERE
Economic Development Services

Advantage Illinois Participation Loan

  • Maximum participation is the lesser of 25% of the project, up to 50% of the loan, or $2 million
  • Maximum term is 7 years
  • Each $50,000 participated, one full time job should be created or retained in the next two years
  • Rate is blended – set by lender (BDC) and DCEO
Economic Development Services

SEDI (Socially and Economically Disadvantaged – Owned*)

  • Maximum participation is the lesser of 50% of the project, up to 50% of the loan, or $2 million
  • Maximum term is 7 years
  • Each $65,000 participated, one full time job should be created or retained in the next two years
  • Must be SEDI-owned – Eligibility requirements, click HERE
  • Rate is blended – set by lender (BDC) and DCEO
Interested in applying or want more information? Schedule a call with a business advisor HERE or call (708) 749-6582.

Eligibility and Requirements

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Eligible applicants must:

  • Operate in the State of Illinois
  • Be in good standing with the IL Secretary of State
  • Have less than 750 employees
  • Be clear of any back taxes
  • Have no bankruptcies, judgements, or liens in the past 5 years

Not Eligible:

  • Cannabis Dispensaries
  • Investment Real Estate
  • Tobacco/Smoke Shops
  • Goodwill related to change in ownership
  • Adult Entertainment/Gambling
  • MLM or Pyramid Schemes
  • Manufacturing or selling of wholesale liquor or firearms
  • A business that operates discriminatory clubs that require membership

*The eligibility of other like uses not listed above will be reviewed for consideration by the lender.

 

Eligible uses of funding:

  • Equipment
  • Working capital
  • Inventory
  • Real estate (must be 51% or more occupied by the business)
  • Accounts Receivable
  • Tenant improvements

Funding cannot be used for:

  • Investment property
  • Lobbying activities
  • Repayment of delinquent taxes
  • To improve or renovate any portion of rentable property

*Other exclusions may apply.

Loan Application Process

Step 1. Complete the BDC Commercial Loan Application (link to doc)

Step 2. Gather supporting documentation. See list below.

Applicant Documents
  • Current credit report that includes credit score
  • Three years of 1040 us individual tax return
  • Three years of business tax returns (if applicable)
  • Proof of general liability insurance – for business (if applicable)
  • Drafted business plan
  • IL secretary of state business entity standing (if applicable)
  • Proof of financial wherewithal in the form of personal and/or business bank statements for the last three months.
Property Documents
  • Appraisal report (if applicable)
  • Proof of general liability insurance – for property (if applicable)
  • Leases or documentation of property ownership
  • Current property tax bill (if applicable)
Project Documents
  • Invoices, contracts, estimates of items to be purchased
  • Images
  • Permits (if applicable)
  • Scaled drawings and/or renderings
Additional Documents
  • Advantage Illinois Exhibits E and F
  • Request for Tax Clearance Form (ITR-1)

Step 3. Submit the completed application and required documents via email to paolag@berwyn.net or in person at BDC office located at 3322 S Oak Park Ave, 2nd Floor, Berwyn, IL 60402.

*To expedite processing, applicants should make every effort to ensure that their applications are complete and include all supporting documentation, as applicable.

Step 4. The BDC reviews the application and submits it to the Berwyn Loan Commission for approval.

Step 5. If approved, the BDC then submits the application to Berwyn City Council and DCEO for final approval.

Step 6. All parties acknowledge and sign loan closing documents (to be prepared at closing).

 

Interested in applying or want more information? Schedule a call with a business advisor HERE or call (708) 749-6582.

Frequently Asked Questions

How do I know if this program is right for me?
  • Applicants who are unable to obtain financing from a traditional lender for reasons such as low credit score and lack of historical cash flow (start-up business) may be eligible for the Advantage Illinois Program.
  • Not sure if you’re eligible? Schedule a call with our team HERE (insert calendly link) or (708) 749-6582.
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