Low-interest Loan Program

In August 2009, Main Street Momence was awarded a $99,000 USDA Rural Development Grant to established a low-interest revolving loan program. Kankakee County provided $50,000 as the local match for the fund.

Goals of the Main Street Momence Revolving Loan Program are:

• To serve as an incentive to further economic development in the downtown core
• To serve as a low-interest, gap financing source
• To retain employment in the downtown district
• To stimulate commercial activity in the downtown district
• To provide financing to business owners for a variety of needs, including repairs, equipment, building maintenance and professional fees
• To recruit business and create jobs in the downtown commercial district

The Low-interest Loan Program works in tandem with MSM's Facade Grant Program to provide critical funding to our downtown business and building owners. Program specifics include:

• Minimum loan amount is $3,000; maximum is $15,000
• Interest rate is 3%
• Term of loan is 5 years maximum

Results as of October 15, 2010

• 4 loans approved
• 27 full-time jobs created/saved
• 17 part-time jobs created/saved

MSM's Low-interest Loan Program is made possible through a partnership with First National Bank of Grant Park.

Questions?

For more information on MSM's Low-interest Revolving Loan Program, please visit or contact our office.

SEE: Revolving Loan Fund Brochure