The State of Illinois will help lower the interest rate on a small business loan, and I had never heard of the program until this morning. I learned about it at a chamber event in Troy called Business Before Breakfast, hosted by the TMSM Chamber at a wine and gaming lounge called Wine for the Win. Coffee, donuts, and a room full of local business owners at 8:30 in the morning.
The program was a team from First National Bank of Waterloo doing a deep dive on community banking, and the highlight was that state program, called Advantage Illinois. Rob Pickerell, who leads commercial banking there, walked us through it. The short version: the State of Illinois can participate in a small business loan alongside a community bank, which lowers the blended rate the business actually pays. And small is broader than you might think: the program is open to businesses with fewer than 750 employees. The most favorable terms go to the smallest businesses and to businesses operating in economically disadvantaged areas.
If you run a small business in Illinois and you've been putting off equipment, a building, or an expansion because rates are ugly, it's worth asking about. You apply through a participating lender rather than the state, and a lender can tell you quickly whether you qualify. First National Bank of Waterloo is one of them.
This is part of why I show up to these things. Not for the donuts. There's a whole layer of practical help out there that never reaches the people it's for, because it lives in rooms most owners are too busy to visit. Consider this note me saving you a seat.