In August 2009, Main Street Momence was awarded a $99,000 USDA Rural Development Grant to established a low-interest revolving loan program. Kankakee County provided $50,000 as the local match for the fund.
Goals of the Main Street Momence Revolving Loan Program are:
To serve as an incentive to further economic development in the downtown core
To serve as a low-interest, gap financing source
To retain employment in the downtown district
To stimulate commercial activity in the downtown district
To provide financing to business owners for a variety of needs, including repairs, equipment, building maintenance and professional fees
To recruit business and create jobs in the downtown commercial district
The Low-interest Loan Program works in tandem with MSM's Facade Grant Program to provide critical funding to our downtown business and building owners. Program specifics include:
Minimum loan amount is $3,000; maximum is $15,000
Interest rate is 3%
Term of loan is 5 years maximum
Results as of 2016
9 loans approved
MSM's Low-interest Loan Program is made possible through a partnership with Midland States Bank.
Questions? For more information on MSM's Low-interest Revolving Loan Program, please visit or contact our office.