The Bi-State Regional Commission manages three different loan programs for the Region - the Bi-State Revolving Loan Fund (RLF), the Mercer-Muscatine County RLF, and the CARES Act RLF. The funds were initially capitalized by the federal Economic Development Adminstration (EDA). The focus of all of the RLFs is the retention and/or creation of jobs. Better paying jobs with benefits allow for more loan funds borrowed per job as shown below:
Average Wage Rate: Created/Retained FTE:
110 % County Average Wage Rate $20,000
100 % County Average Wage Rate $15,000
90 % County Average Wage Rate $10,000
80 % County Average Wage Rate $ 7,500
The average county wages are determined by referencing average wages according to state economic development resources.
The loan term is based on the type of project and risk. Ten years is the maximum loan term and four years is the minimum. Loans for working capital will be at a four year term. Loans for manufacturing and white collar projects are typically considered lower risk and higher risk projects are those such as restaurants and personal services such as barbers, salons and beauticians. The lowest interest rate that could be offered is 75% of prime or 4% minus prime whichever is lower.
For all loans, demonstration of borrower equity in the project is required and cash equity will result in a better interest rate offered. Collateral and personal guarantees are required for all loans. It is preferred that RLF funds be utilized to buy equipment and the RLF collateral would be on that equipment. Construction or renovation of a business is not funded because Davis Bacon and National Environmental Protection Act requirements would then apply due to the federal nature of these funds. EDA will not allow RLF funs to be used for housing projects.
The economic development contacts for the jurisdictions in the loan service area are noted below. The support of the jurisdiction where the project is located is required. Henry County Illinois manages their own revolving loan program and the contact is the Economic Development Director of Henry County, Jim Kelly at
|City of Aledo||City Administrator||(309) 582-7241|
|City of Bettendorf||Community Development Director||(563) 344-4060|
|City of Davenport||Community Development Director||(563) 326-7765|
|City of East Moline||City Administrator||(309) 752-1513|
|City of Eldridge||City Administrator||(563) 285-3911|
|Village of Milan||Village Administrator||(309) 787-8507|
|City of Moline||RLF Administrator||(309) 524-2035|
|City of Muscatine||Community Development Director||(563) 262-4141|
|Muscatine County||Planning & Zoning Administrator||(563) 326-8643|
|City of Rock Island||Community & Economic Development Director||(309) 793-2920|
|City of Silvis||City Administrator||(309) 792-9181|
|Scott County||Planning & Development Director||(563) 326-8643|
|City of Wilton||Economic Development Coordinator||(563) 732-5002|
|All Other Communities||Bi-State Regional Commission||(309) 793-6300|