A. Revolving Fund Goals and Objectives
1. Stimulate economic growth in the City of Benton by assisting with the retention and growth of the existing industrial and commercial base, providing needed equity to new start-up businesses, encouraging the development of minority and female owned businesses, and providing an incentive for established businesses to relocate to Benton.
2. Assist new or existing Benton businesses to create and retain jobs.
3. Ensure that jobs created or retained by business applicants benefit a minimum of 51% low-to-moderate income persons in the area.
4. Increase the City of Benton property tax and sales tax base.
5. Provide businesses with the opportunity to expand.
6. Encourage and leverage loans to businesses by area private financial institutions.
B. Revolving Fund Strategy
1. Eligible uses of funds.
a. Site development/infrastructure extension costs.
b. Construction of new facility of additions.
c. Renovation of existing facilities.
d. Leasehold improvements.
e. Purchase of new or used machinery or equipment.
f. Working Capital.
g. For every $15,000 of Revolving Funds provided, one full time equivalent (FTE) job should be created or retained. (FTE jobs are positions consisting of a minimum of 1,950 hours worked a year).
h. Projects of a speculative nature are ineligible for funding.
2. The geographic area served by the fund will be within the corporate boundaries of the City of Benton.
3. The funds will be targeted to assist existing industrial and commercial base, start-up businesses, female and minority owned firms and established businesses that will relocate to Benton on a first come, first served basis as the City of Benton expects to receive more applicants than available annual funding will cover. Applications that demonstrate the greatest potential for job creation and meeting the goals and objectives of the fund will be given the highest priority.
Inquiries regarding the revolving loan fund or requests for applications can be directed to:
City of Benton
P.O. Box 640
Benton, IL 62812-0640