USDA announces expanded business funding in Pekin
“With a government guarantee, it’s possible to go as long as a 30-year term, and we have actually done 30-year-term guarantees on a fixed rate. So if a business is looking to help stabilize their cash flow and have a long-term fixed-rate interest rate, this is a possibility.”
Reynolds says cities could also apply for funding to start a revolving loan fund or a business incubator. Last year Illinois received $22 million from various USDA business programs.