LOCAL INSTITUTIONS
First National Bank of Carlyle
The First National Bank of Carlyle is our hometown, locally owned and operated bank. The bank operates two branches in Carlyle, with its headquarters at 891 Fairfax (618-594-2491) and its branch bank at 1350 12th St./Highway 127 (618-594-3741). Call Mr. Bryan Marsh or any of his staff at First National Bank for assistance.
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Meridian Bank of Carlyle
Meridian Bank offers a wide array of financing options for businesses. The bank operates one branch in Carlyle, at 801 12th St./Highway 127 (618-594-2478). Call Miss Marla Seiffert, or any of their staff at Meridian Bank for assistance.
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US Bank of Carlyle
Carlyle is home to two local branches of the U.S. Bank. The main branch office of U.S. Bank in Carlyle is 510 8th St. (618-594-4511). Call Miss Sharon Pulver, Branch Manager, to ask about how U.S. Bank can help you reach your business financing goals.
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REVOLVING LOAN FUND
Download the RLF Application here.
Purpose
To promote economic development in Carlyle, the City has established the Revolving Loan Fund to assist business and job retention and growth. Revolving Loan funds are meant to supplement other sources of financing, including public and/or private sector financing. Loans are low-interest.
Eligibility:
Any business seeking to locate or expand in Carlyle is eligible for Revolving Loan financing. Business projects financed with Revolving Loan funds must create or retain jobs to be eligible for financing.
Requirements
Applicants for funds must have at least 10% equity in the project being financed. Applicants must leverage at least $1.00 of private financing (private lending institution or State or Federal program) for every $1.00 of Revolving Loan funds received. For every $15,000 of Revolving Loan funds received, at least one job must be created or retained. Other requirements must be met.
Eligible Purchases
Any of the following purchases or activities may be financed with Revolving Loan funds when they lead to job creation or retention:
• Land and building acquisition
• Building renovation and/or expansion
• Site improvements
• Working capital (inventory and direct costs only; may not exceed
20% of loan amount)
• Purchase of permanent fixtures and equipment
Ineligible Purchases
The following are ineligible activities:
• Refinancing of existing debt
• Reimbursements for expenditures made prior to loan approval
• Payment of applicant’s own labor for construction or improvements
• Specialized, non-essential equipment
• Residential building construction (unless converting to a commercial
or industrial operation)
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STATE OF ILLINOIS
State of Illinois Loan Programs
Through the Department of Commerce & Economic Opportunity (DCEO), the State of Illinois offers a wide array of loan programs intending to offer below-market interest rates to businesses seeking to start up and create jobs in Illinois.
DCEO’s loan programs do not typically offer complete financing solutions for business. Instead, they offer gap financing solutions for businesses seeking to lessen the cost of borrowing or to incentivize banks to lend when they may not typically offer a loan.
Please contact Bill Gruen at 618-594-2468 to discuss how one of DCEO’s loan programs may best serve you. You may also wish to explore DCEO’s website; click on the link below to research DCEO’s loan programs.
DCEO Loan Programs
State Treasurer Giannoulias also
offers low-cost financing
alternatives for businesses. To
learn more about the Treasurer's
programs, click on the link below.
State Treasurer's Programs and Services
Illinois Finance Authority
Chartered by the State and appointed by the governor of Illinois, the Illinois Finance Authority (IFA) offers loan backing and Industrial Revenue bond packages for businesses. IFA maintains an office in Carbondale at 150 East Pleasant Hill Rd, #46 (618-453-5566).
Illinois Finance Authority.
Southwestern IL Development Authority
Chartered by State law, the Southwestern Illinois Development Authority (SWIDA) is given bond authority to issue bonds on behalf of businesses. The jurisdiction of SWIDA is the counties of St. Clair, Madison, and Clinton. SWIDA maintains their office in Collinsville at 1022 Eastport Plaza Drive (618-345-3400). Ask to speak with Mike Lundy or Joe Gasparich should you have any questions about how SWIDA can help fund your business goals. You may also wish to do some additional research on SWIDA’s website.
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FEDERAL PROGRAM
Small Business Administration
The Small Business Administration, a federal agency, offers financing programs that allow borrowers to obtain financing at lower costs and in circumstances when they may not normally qualify from typical commercial lenders. The SBA 7(a) Loan Guaranty program is its most popular and flexible program.
The SBA’s Chicago office serves Illinois. The Chicago office can be reached by calling 312-353-4528. You may also click on the SBA’s link below to learn more about the 7(a) and its other loan programs.
Small Business Administration
U.S. Dept. of Agriculture
The Business & Industry (B&I) Guaranteed Loan Program provides financial backing for rural businesses to help them create/maintain jobs. The B&I program provides guarantees up to 80% of a loan made by a commercial lender. Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate, and certain types of debt refinancing.
If you are interested in learning more about the USDA B&I program can help your business,
visit their website.
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