Kankakee County is please to provide information on its Revolving Loan Fund (RLF), which is a major component of the County’s economic development incentives package. The Fund was established to provide financial assistance, through low-interest loans, to new or expanding businesses in Kankakee County and to secure public benefit for the residents of the County by developing a stronger economic base and expanded job opportunities.

This package will provide the prospective applicant with information on the fund, possible uses of the funds, and what information is needed to apply for a loan from the County.

Use of the funds is governed by a variety of rules and regulations mandated by the State and Federal agencies that provide the original grants to Kankakee County as well as policies adopted by the County.

Creation of the Fund

Kankakee County Revolving Loan Fund program was created by loans made to local businesses from the State of Illinois, through its Community Development Assistance Program (CDAP). As these CDAP loans are repaid to the County, the County placed the funds in its RLF program for future economic development opportunities within the County. The recipients of these loans are required to make monthly payments to the County.

Revolving Loan Fund Goals and Objectives

1. Stimulate economic growth and job development in the Kankakee County area by assisting with the retention and growth of the existing industrial and commercial base, providing needed equity to new start-up and expanding businesses, encouraging the development of minority, female-owned, not-for-profit and service-orientated businesses, and providing an incentive for established businesses to relocate to Kankakee County.

2. Assist new or existing Kankakee County area businesses to create and retain jobs.

3. Ensure that jobs created or retained by business applicants’ benefit a minimum of 51% low-moderate income households in the area.

4. Increase Kankakee County property tax and sales tax base.

5. Provide businesses with the opportunity to expand.

6. Encourage and leverage loans to businesses by area private financial institutions.

7. Assist short- and long-term economic development by supporting projects which create and retain jobs and protect the existing tax base.

8. Encourage the involvement of area financial institutions through joint efforts and partnerships to make feasible projects, which would otherwise not be undertaken (i.e. written agreements with participating institutions).

9. Insure the financial security and stability of the Revolving Loan Fund through appropriate due diligence in the use of funds.

Download the Application Here: RLF Application