Advantage Illinois Participation Loan Program

Description

University invite you to a webinar on “Advantage Illinois” which is a participation loan program that helps Illinois businesses get term loan financing at lower rates. Advantage Illinois may fill the gaps that prevent businesses from obtaining financing. Administered by the Illinois Department of Economic Opportunity and delivered via pre-approved Illinois lending institutions, the goal of Advantage Illinois is to help businesses grow, expand, and create new jobs at a faster rate. As part of the State’s commitment to equitably support small businesses, the Illinois Department of Commerce & Economic Opportunity (DCEO) will leverage outreach partners that focus on engaging historically underrepresented populations who have faced significant barriers accessing capital. The U.S. Department of the Treasury’s SSBCI guidance formally defines those groups as: Socially and Economically Disadvantaged Individuals (SEDI) and very small businesses, or businesses with fewer than 10 employees. Topic points: Challenges Small Business Owners face obtaining financing DCEO’s Advantage Illinois program history and success What can the money be used for? Who qualifies? What are limits and rates? How does the process work and what is required? Application and vetting process. Typical Underwriting / Approval timeline and expectations. Layering Advantage Illinois with other programs. Attendees will learn how the program works, learn how to find approved lenders, and discover the eligibility requirements to qualify for Advantage Illinois financing. Speakers: Robert Owens, has over twenty years success in developing small businesses. He successfully started his own financial services business and has assisted professionals throughout the country start or expand their own firms. Robert is a Business Development Specialist with the Department of Commerce and Economic Opportunity assisting Small Businesses throughout the State of Illinois in obtaining financing to start up or expand their businesses. Nick Esser is the SVP Commercial Credit Officer with Fortress Bank in Peoria. Nick has been in commercial banking for the last 22 years in Peoria and has worked with a multitude of small to medium sized businesses over that period at various stages in the business life cycle, from startups to second generation transitions and across various sectors, professional services, retail, and manufacturing. Nick is currently the point person for Advantage Illinois at Fortress Bank. Co-Sponsors: Minority Business Development Center and Hispanic Chamber of Commerce Registration information will be shared with training partners