Planning & Community Development

Economic Development Financing Programs

The Economic Development Division of the RPC is a central resource for a variety of innovative financing programs for businesses, organizations, and governments in East Central Illinois (click here for Program Summary Sheet):

  • Community Development Assistance Program (CDAP): Loans for businesses located in Champaign County, outside of Champaign-Urbana. Loans between $10,000 and $750,000; up to 50% of total project cost. One full-time equivalent job should be created/retained for every $15,000 of CDAP funds.
  • Intermediary Relending Program (IRP): Loans for businesses, organizations, and governments in rural areas of Champaign County, Douglas County, Ford County, Iroquois County, Piatt County, and Vermilion County (areas with less than 25,000 in population). Loans between $5,000 and $150,000; up to 49% of total project cost.
  • Champaign County Community Development Corporation (CDC): Financing of businesses anywhere in Champaign County and surrounding communities. Loans or equity investments; up to 50% of total project cost. Each CDC loan should be matched by member bank financing. Member banks include Bank Champaign, Busey Bank, Chase Bank, Central Illinois Bank, First Midwest Bank, Midland States Bank, and PNC Bank.

These programs are intended for projects that cannot fully access conventional lending resources, in furthering the economic development of the region.


The RPC is a central resource for a variety of innovative financing programs. These programs are designed to stimulate the growth, expansion and retention of businesses and economic development in East Central Illinois. The RPC’s programs offer borrowers low interest rates, long-term fixed rate financing, lower down payment requirements, and enhanced private lender risk. RPC staff analyzes and structures the most attractive financing proposal based upon project needs, employment, community impact, and private section participation. The RPC is a well-established participant in the financing field, having closed over 230 loans with a total volume of over $21 million.


Requirements vary by program, and include financing opportunities for expanding businesses, start-up businesses, government agencies, and other organizations with revenue streams. Start-up businesses should be led by strong entrepreneurs, with reasonably secure collateral, significant bank participation, or a high level of owner equity investment. Expanding businesses should have a solid track record of past accomplishments. All projects require additional funding sources and sound financial projections. The credit criteria require that the applicant demonstrate adequate cash flow from operations for debt service.

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Application Process

Applicants will need to submit the following items for financing consideration:

  • Application (click here for Application Form)
  • Business Plan (Governments may submit project scope instead)
  • Three years historical business federal tax returns (existing entity)
  • Three years historical personal federal tax returns (all entities except government)
  • Current balance sheet (existing entity)
  • Current profit and loss statement (existing entity)
  • Three years projected profit and loss statement
  • Three years projected cash flow statement
  • Projected balance sheet
  • Personal financial statement (all entities except government)
  • Other relevant documentation such as corporate filings, lease agreements, sale agreements, purchase agreements, estimates, existing debt schedules, appraisals, etc.
  • Each client will be charged a one percent origination fee

Each program has its own loan review and approval process. Decisions will be based upon the external need for the project including feasibility, community and economic impact, job creation/retention potential, risk, rate of return, collateral, and a variety of other factors considered in the financial analysis, financial ratios, and project concept.

For more information, contact:

Kathy Larson
Economic Development Specialist
(217) 819-4101