Revolving Loan Program

Low-interest Loan Program

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

Get the Revolving Loan Fund Application here.

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.

Revolving Loan Press Conference

Recent Events

Carolers performing at the Graham House
December 2nd

Christmas Gathering

This annual Holiday event features the downtown brimming with Holiday Cheer - with special guest Santa and his reindeer, camel rides, horse-drawn sleigh rides, craft shows, and lots more activities for young and old alike. Beautifully decorated store windows in the theme "Christmas Blessings" and the community Christmas Tree warmly welcome visitors to this Momence Holiday Tradition.

Bordertown Haunting Hayride
October 28th

Bordertown Hauntings

The annual downtown trick-or-treating event saw hundreds of visitors brave the cold in order to participate in activities such as cookie decorating, pumpkin decorating, and the haunted house.

Cruise Night on Washington Street
May - August

Cruise Nights

Washington Street Downtown once again came alive with antique and unique "Cool Cars under the Stars" throughout the summer. The public came out to browse, listen to the music, eat some great food, and take a chance on the split the pot drawings held at each event.

Spotlight

Auctioneer Bill Phelps

Annual Community Auction

Sunday, April 29th

Next up - Main Street's Annual Community Auction features a wide variety of items, including furniture, household items and decor, plants for your garden, and much more, which will be awarded to the highest bidder. Items for the auction can either be donated or consigned - so it's a great time to clean out your attic and basement. Auctioneers Bill Phelps and Danny Loftus from River Valley Auctions lead a professional auction - your chance to go home with treasures you didn't know you needed. So come on over to St. Pat's Gym for a day of fun!