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

2016 Cruise Night street scene
June, July, and August

Cruise Nights

A record-breaking year for Cruise Nights in 2016! Featured on the second and fourth Tuesdays during the summer, vintage and unique vehicles meet on Washington Street for "Cool Cars Under the Stars".

June 18th

Driving the Dixie Tour

Island Park was once again the last stop on the tour after participants visited local businesses on their way into town.

Auctioneer Bill Phelps
April 24th

Community Auction

The Annual Community Auction featured all kinds of treasures that were taken home by their new owners. Auctioneers Bill Phelps and Danny Loftus made sure of that!

Spotlight

2015 Community Christmas Tree Lighting

Christmas Gathering

Saturday, December 3rd - 1-6pm

Next up - Historic Downtown Momence will be the backdrop for the 16th Annual Christmas Gathering, an all-day festival featuring beautiful lighted window displays, Santa and his reindeer, camel rides, horse-drawn carriage rides, the much-anticipated Community Tree Lighting, and much more. Mark your calendars now!