Adams County Revolving Loan Fund

Overview
The revolving loan fund was established to increase the availability of financing to industry, encourage economic development, and create new jobs for county residents. Activities eligible for the use of fund monies must be directly related to economic development.

Eligible Businesses
All existing industries and businesses within Adams County, as well as those willing to locate in the county, are eligible.

Minimum Loan Amount
None.

Maximum Loan Amount
The Adams County RLF will not normally participate at more than 50% of a particular project. The fund will not normally commit more than 10% of the RLF to a particular project.

Use of Proceeds
Land acquisition, building construction, expansion or renovation, machinery and equipment purchase, working capital costs including inventories, employee wages/salaries, general operational expenses, and advertising and marketing. The RLF may not be used to service or refinance any existing debt.

Loan Terms
The term of the loan is based on use of funds and/or terms of the participating lender, subject to approval by the Adams County Revolving Loan Committee.

Interest Rate
A minimum interest rate of 3% has been established. Interest will be paid to Adams County.

Collateral
The Adams County RLF seeks to fully collateralize all loans. However, if full collateral is not available the Adams County RLF will consider “gap” financing with less than full collateral.

Job Creation
Job creation is a requirement of the program. At least 51% of the jobs created must be for low- and moderate-income persons.

Contact
Loan Administrator
P.O. Box 867
Quincy, IL 62305
or ACRLF@charlesbell.com.