- Office of the State Treasurer
- 300 West Jefferson St., 2nd Floor,
- Springfield, IL 62702
- Phone: (217) 782-2072 or (312) 814-1244
- Email: email@example.com
- Website: treasurer.il.gov/
Purpose of the Program
The Banking Development Program is intended to encourage banking institutions to open or expand a branch in a low or moderate income community so that the community’s credit and development needs are met.
Who is Eligible
The prospective financial institution must be approved as a state depository and have a CRA rating of satisfactory or better.
How to Apply:
- Contact the Treasurer’s Office for an overview of the program; 2. Apply for a loan at a participating financial institution; 3. Complete the Opportunity Illinois program application and forward your application package, including all required documentation, to the Treasurer’s Office; 4. Submit a completed application for deposit; 5. The Treasurer’s Loan Committee will review the application for approval. The committee meets twice monthly.
Availability of Funds
Amounts and Terms:
Borrowers can receive up to $10 million; the deposit for hard construction costs is capped at $5 million; The deposit for financing, programs and services can be up to, but not over, the deposit for hard costs. The maximum is $5 million; the loan duration is two years with the possibility of a three-year extension; a site visit may be required for approval.
How Funds are to be used
Types of Assistance