CHICAGO (AP) — Gov. Pat Quinn says a new state
initiative will help small businesses get the financing they need to start up
or expand.
Quinn on Wednesday said the state will leverage $78
million in federal funding to help banks and other lending institutions support
Illinois businesses.
The state Department of Commerce and Economic
Opportunity will enroll lending institutions in the initiative, called
Advantage Illinois. Lenders then will provide financing to businesses through
three loan programs.
They include encouraging banks to give loans to
business that don't qualify for conventional loans, allowing the state to buy
part of a loan for businesses and establishing accounts to provide collateral
so businesses can get loans.
The state also is starting a new venture capital
program to support companies that show high growth potential.
Copyright 2011 The Associated Press.
