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The purpose of the Scott County Development Corporation Revolving Loan Fund (RLF) is to provide gap financing and seed money for both existing businesses, as well as, any business wanting to locate in the county. The RLF fund was established in 1964 through investments by local business and community leaders in the Winchester Area Economic Development Corporation. Through successful loans and further investment the RLF has grown to provide both local and new businesses access to funding when no other financing was available.
The Scott County Development Corporation Board of Directors will evaluate each loan application on an individual basis. A majority of the board’s consent is required to approve any loan and the board will establish all terms. Typically, loans are no more than 15 years and the interest rate is based on the current prime rate. Applicants must operate a business in Scott County or wish to relocate within the county.
The Scott County Development Corporation RLF program was instrumental in bringing several health services to the county. RLF funds purchased a facility to establish a dentist, Dr. Tom Welch, as well as the Winchester Family Practice, an affiliate of Pike County Family Practice. The RLF program also enabled a new owner to purchase the necessary equipment to continue operating the Scott County Chiropractic Clinic. WINCO Inc., a Winchester-based Internet service provider, used the RLF program to purchase wireless Internet equipment to expand its services.
President
Scott County Development Corporation
pat@peakinsuranceagency.net Visit the WebsiteCategory: Low Interest Loans, Scott County Incentives
Provides gap financing for existing businesses locally, as well as, out of town businesses wanting to locate in Jacksonville. The RLF was established through funds recaptured from Community Development Assistance Program economic development loans.
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The City of Jacksonville is located in west central Illinois, 35 miles west of Springfield, the state capital. It is the county seat of Morgan County and one of the oldest towns in the Land of Lincoln, founded in 1825. Jacksonville was established by Yankee settlers from New England, who laid out farms, constructed roads, erected government buildings, and established post routes. They were part of a wave of European/American farmers who headed west into what was then the wilds of the Northwest Territory, during the early 1800s. Download Here!