The SWICDC is an Illinois for-profit corporation. Its stockholders are comprised of commercial banks, SWIDA, and public utilities doing business in Bond, Clinton, Madison and St. Clair Counties. Representatives of the counties, the Illinois Department of Commerce and Economic Opportunity (DCEO), and the Small Business Development Centers at East St. Louis and Southern Illinois University at Edwardsville are ex-officio members.

Loan Criteria: SWICDC is seeking companies that -

• have significant potential for growth in sales, profits, and new jobs;

• have been in operation for at least a year;

• can borrow some portion of their needs from a member bank;

• are in the manufacturing or service industries. SWICDC will consider retail, but not restaurants or bars.

Use of Funds: Loans are made to for-profit businesses in Bond, Clinton, Madison and St. Clair Counties for property acquisition, construction, leasehold improvements, equipment, inventory, and working capital.

Interest Rate: interest rates float above prime with the specific rate subject to negotiation.

Security: Loans will be secured by a first or second position on real or personal property, by personal note of guarantee, or a combination of the two.

Loan Limits: SWICDC will make loans between $50,000 and $500,000 but will not be the primary lender. A member bank of SWICDC must lend a majority of the necessary funds and must sponsor the SWICDC loan application.

Term: The loan term is negotiable but generally coincides with the term of the primary private lender debt.

Fees: A $100 non-refundable application fee is due with submittal of the application.