Cieda

Central IL Economic Development Authority

On July 3, 2006, the Governor of Illinois signed Public Act 94-995 to create the Central Illinois Economic Development Authority (CIEDA). This Authority provides a powerful new financing tool for economic development in Calhoun, Christian, DeWitt, Greene, Jersey, Logan, Macon, Macoupin, Menard, Montgomery and Sangamon Counties. The Authority has the ability to issue up to $250 million in bonds for economic development purposes. CIEDA is a general development agency for the 11 counties and is one of ten such regional organizations within the State of Illinois.

CIEDA can issue bonds on behalf of businesses in which debt service is payable exclusively from the earnings of the borrower.  In issuing revenue bonds for the borrower, CIEDA acts as a "conduit" or "middle-man."  The bonds are sold to insurance companies, banks, mutual funds or brokerage houses on behalf of individuals.  The proceeds of the sale are made available to the borrower for the project. The borrower then pays the money back directly to those who bought the bonds.


Benefits: 


Long term - Maturity of the bonds is flexible and can range from 10 to 30 years


Low Interest Rate - Rates are generally 2.0% to 3.0% below Prime Rate. The interest rates are discounted to reflect tax-exempt status.  Rates range well below conventional financing

Flexible Terms - Interest rates may be fixed or variable and can finance up to 100% of the eligible project costs

Favorable Terms - There is no fixed minimum job creation or capital investment requirements, although some jobs have to be created


Andrew Hamilton, Executive Director
Central Illinois Economic Development Authority (CIEDA)

(866) 325-7525
andrewjhamilton@cieda.biz

  







  • Tax Increment Financing (TIF)​​

  • Business District

  • Revolving Loan Fund (RLF) 

  • Tax Increment Financing (TIF)

IL Finance Authority

Since its creation in January 2004, the Illinois Finance Authority (IFA) has provided access to low-cost capital to public and private institutions that are aligned with the mission of fostering economic development, creating and retaining jobs, and improving quality of life for Illinois residents. To date, the conduit financing programs have spanned every county and helped capitalize thousands of projects, assisting farmers and agri-businesses, business and industry, school districts and higher education institutions, healthcare facilities, cultural and social entities, and local governments develop, upgrade, expand, and sustain their operations and services.

IFA is a body politic and corporate of the State of Illinois created through the consolidation and elimination of seven State authorities and entities. They are authorized by the Illinois Finance Authority Act to issue tax-exempt and taxable bonds and to make and guarantee non-conventional loans. IFA does not receive appropriated funding from the State and operate at no cost to the taxpayer.


500 East Monroe - 3rd Floor
Springfield, IL 62701
217/782-5792
217/782-3989 Fax


http://www.il-fa.com







Financial Institutions

DeWitt Savings Bank

302 West Main, Clinton, IL 61727

217-935-9470 • www.dewittsb.com

 

​Heartland Bank 

333 South Main St., Farmer City, IL 61842

309-928-2161 • www.hbtbank.com

 

First Mid-Illinois Bank & Trust

490 Maple Street, Weldon, IL 61882

217-736-2294 • www.firstmid.com

 

First National Bank & Trust

2 Kelli Court, Clinton, IL 61727

217-935-2148 • www.fnbclinton.com

 

State Bank of Lincoln 

301 South Side Square, Clinton, IL 61727

217-935-3144 • www.sblincoln.com

Financial Resources

DCDC Revolving Loan Fund



Ted's Garage 2013

Revolving Loan Funds

2010 USDA Rural Development awarded DCDC a grant for $110,950 for gap financing for local entrepreneurs. Along with $20,150 funds from DCDC, four new and existing businesses, ServPro of Central Illinois, West Innovations, Corneglio Ag, and Ted's Garage, have benefitted from the short term/low interest loans to create jobs as well as Small Business Services such as Business Planning and Marketing Plans.  As loans are repaid, DCDC will have more funds to help more businesses. The funds are RESTRICTED, which means they can only be loaned to for-profit businesses and cannot be used for DCDC operations.