Advantage Illinois

SCAM ALERT: DCEO has been made aware of organizations receiving fraudulent “notice of award” letters claiming to be from the Illinois Department of Commerce and Economic Opportunity. These are not legitimate notices from DCEO. If your organization receives a notice, please report it to the Federal Trade Commission  and/or the FBI’s Internet Crime Complaint Center . Close button Advantage Illinois Due to the struggles that small businesses have in obtaining financing through normal means, the Treasury has allocated funds to states and jurisdictions, including Illinois, to assist lenders in offsetting their risk.  This funding was reauthorized under the State Small Business Credit Initiative.  The goal of the allocated funds is to grow the economy and create jobs at a faster rate. Illinois has developed two different programs under Advantage Illinois to offset the risks involved in lending to businesses.  The programs can enable lenders to evaluate a project with a stronger outlook if the State can reduce their uncertainty.  The lender’s exposure can be reduced by the State providing either a Guarantee or by Participation in a portion of the loan.  By utilizing either one of the programs, lenders can help to ensure that Community Reinvestment Act standards are obtained; overall commercial lending volume to small businesses is increased; and jobs are created or retained in Illinois. Entrepreneurs or existing business owners should approach their lender with a well-structured business plan and be aware of any potential challenges that they have. DCEO offers no cost business consulting through our network of Small Business Development Centers throughout the state to assist in business plan construction; evaluation of challenges; and other business assistance services. Find a Center near you. Businesses that are eligible must have a present challenge in obtaining financing through normal means as defined by the financial institution in addition to meeting the following standards: Have less than 750 employees Operate in the State of Illinois Be in good standing with the Secretary of State Clear of any back taxes No Liens in the last five years The programs are administered solely through lenders and are not a direct loan or guarantee program.  Lenders are not obligated to utilize the programs in their lending decisions.  If your lender intends to utilize the program, they will provide you with the necessary paperwork required.  Additionally, a lender must be approved and enrolled in Advantage Illinois by DCEO to utilize the programs.  To become an approved lender, a lender can submit an application to enroll in Advantage Illinois or email [email protected] .   View a list of our current participating lenders. If a project meets qualification standards and is recommended for credit support, DCEO will determine potential participation or guarantee amounts up to certain limits based upon job project or loan size; and risk.  These limits can range from $10,000 up to $2,000,000. Frequently Asked Questions For further information please Email: [email protected] Map of Approved Lenders Footer Back to top INFORMATION Illinois Economic Plan Corporate Accountability Awarded Grants EDGE Agreements Connect with a DCEO Representative QUICK LINKS Locate Your Business In IL Start Your Business in IL Get Answers to Questions Contact Us Illinois E-Pay