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The Western Illinois Community Development Corporation (WICDC) was created in 1991 to provide gap financing to businesses and individuals in Fulton, Hancock, McDonough, and Schuyler Counties.  Our mission is to retain and create employment in Western Illinois.  We believe that growth in the wage pool of area counties will have a multiplier effect for total demand of goods and services, which is a benefit for our area.

At the WICDC, we partner with local financial institutions to fill in the “gap” when a project requires greater owner equity or may not quite qualify for conventional bank financing.  We also connect applicants to resources such as local government assistance programs, public or private entities that may provide space or expertise, and other small business solutions such as the Small Business Development Center or local economic development staff.

The application process is similar to that of a standard small business loan through a community bank.  The applicant will work with the sponsoring bank to complete a loan application, and the sponsoring bank can present it to the WICDC’s Board of Directors for credit consideration.  Participating Investor Banks include:

Approval is based on standard criteria, including but not limited to, job growth potential, demand for products and services, general economic impact, current financial position, existing and projected cash flow, and available collateral.  Loan terms are determined based on the individual project and assessment of the financial needs of the small business.

For more information, please contact a lender at one of the participating financial institutions listed above.

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