Downtown Revitalization Loan Fund
About the Downtown Revitalization Loan Fund (DRLF)
The Downtown Revitalization Loan Fund is a gap financing support tool to develop residential living and/or commercial spaces within Freeport’s Downtown TIF District. The Greater Freeport Partnership facilitates the DRLF process by connecting applicants with resources and guides them through the loan process. The program is capitalized by monies committed by the City of Freeport and a partnership with Northwestern Illinois Community Development Corporation (NICDC) member banks.
This loan fund program is not intended to compete with banks, but rather to act as additional resources for businesses that need capital. When combined with loans from conventional sources, this program funds produce a financial package to allow certain business to open in Freeport.
1. Interested parties should contact the Development Director at the Greater Freeport Partnership (GFP).
2. Potential applicant and GFP will discuss their proposed project fill out initial application, ascertain if the interested party has the necessary documents (checklist of documents) to meet with a DRLF-participating bank.
a. GFP will advise interested party to meet with City to discuss the project and review potential code issues that might arise.
b. If interested party has documents needed, then GFP will help them set up a meeting with a DRLF-participating bank
c. If interested party does NOT have necessary documents in order, GFP will assist them in finding resources (i.e. Small Business Development Center, etc.) to prepare documents.
3. Interested party will then meet with a participating bank. If participating bank is willing to sponsor the project, interested party will complete the DRLF application.
4. Downtown Revitalization Loan Fund application will be review by Advisory Loan Review Committee. Approved applications will then be presented to City Council.
Final approval will be achieved by majority vote from City Council. Personal and business financial information is not shared with the City Council.
Eligible Uses for DRLF
- Site development/infrastructure extension costs.
- Architectural, engineering and legal fees.
- Construction of new facility or additions to another building and land acquisition costs.
- Renovations of existing facilities.
Project must be with the Downtown TIF District as defined by the City of Freeport.
DRLF Participating Financial Institutions
Citizens State Bank
Midwest Community Bank
815-235-4980 ext. 231
Union Savings Bank