Gap Financing for Start-Ups & Expansion Projects

The Commercial / Industrial Revolving Loan Fund (CIRLF) loan program provides gap financing for business start-ups or for expansion projects. The program offers low-interest loans to industrial, commercial, light manufacturing, retail, and service industries. Funds can be used toward the purchase of fixed assets (land, building, and equipment) and for working capital purposes.

Purpose of the Program

The CIRLF program was developed to:

• Attract and retain businesses that provide permanent jobs
• Maximize investment within the City
• Promote sales and tax-generating projects
• Provide financial assistance to eligible businesses
• Redevelop vacant and/or blighted land

Program Qualification Guidelines

The following guidelines must be met to qualify for a CIRLF loan:

• Funds must be utilized for projects located within the City of Rock Island
• At least one job must be created for each $10,000 borrowed
• At least 51% of the jobs that are created must be given to persons with low or moderate incomes
• At least 50% of the total project financing must be obtained from other sources
• Minimum amount to borrow through the program is $10,000 and the maximum is $100,000
• Interest rate can be as low as 50% of prime for five years or less (longer term loans may involve a higher interest rate)

Note: CIRLF is funded with Community Development Block Grant funds. Therefore, other federal requirements shall be required of the borrower.

Apply for the Program

Fill out an application to get started on the CIRLF loan process. Applications and questions should be directed to the Community Economic Development Department.