Local businesses serve as the cornerstone of our regional and state economies. They spur economic
growth, create jobs and contribute to the collective heartbeat of Illinois’ villages, small towns, and cities.
The Treasurer’s Office wants to strengthen businesses through its Employ Illinois loan 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.
The Treasurer’s Office is proud to offer Employ Illinois loans to the businessmen and women of Illinois.
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. Businesses that can prove a negative cash flow for the previous two quarters are
eligible for economic hardship loans.
- 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:
- Contact the Treasurer’s Office for an overview of the program.
- Apply for a loan at a participating financial institution and agree to use the Employ Illinois program.
- Complete the Employ Illinois Business loan application and forward
your application package, including all required documentation, to the Treasurer’s Office. Often times, your financial institution will provide the application and forward it on your behalf.
- Your financial institution must submit a completed application for deposit. Please contact the Treasurer's Office before completing this application.
The contact information is listed on the application.
- The Treasurer's Loan Committee will review your application for approval. The committee meets twice monthly.
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:
 |
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.
 |
| Documentary filmmakers Greg Jacobs and Jon Siskel |
Documentary filmmakers Greg Jacobs and Jon Siskel had a story to tell, just not the money to tell it.
They applied for a low-interest, movie-making loan from the Illinois State Treasurer’s Office and within a month, had a $50,000 line of credit.
Cameras in hand, they entered the
bone-crushing, blue-collar world of “team demolition derby” in Joliet. Their film “Head On” follows the sport's two top teams, Orange Crush and Stranglehold, in the month leading up to the last race of the 2005 season -- the team demolition derby "National Championship."
The state-backed loan covered the cost of filming and a demo to shop around to networks. Once network executives got a look at their memorable cast of characters at home, at work, in the garage and on race night, offers started pouring in.
"Head On" premiered on the Discovery Channel in December 2006 and helped open the door for Siskel/Jacobs Productions of Chicago to bring in new business, including a two-hour special for the History Channel.
"The loan made the difference between shooting and not shooting," Jacobs said.
"It made things happen in a lot of ways."
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