Through Business Invest, the Treasurer’s Office partners with approved financial institutions to provide low-cost loans to businesses in underserved communities. In many instances, businesses would expand their operations, make business improvements, and hire more workers with increased access to low-cost loans.īusiness Invest is a business-focused loan impact investment program. Visit the Community Development Linked Deposit Program page for more information.īusinesses in underserved communities often struggle with a lack of access to affordable loan opportunities and financial capital. Through community development linked deposits, the Treasurer’s Office earns an investment return on the money deposited, participating financial institutions earns interest on their money lent, and qualified borrowers gain access to reduced-cost loans they can use to access capital for personal means, expand their business or improve their farm. The suite of Invest in Illinois impact investment deposit programs, including Ag Invest, Business Invest CUP and Community Invest Opportunity Illinois are community development linked deposit programs that provide below-market deposit funds to financial institutions for the purpose of providing low-interest loans to qualified borrowers at the direction of the Treasurer’s Office. Download the Invest In Illinois flyer for more information.Ĭommunity Development Linked Deposit Programs (Linked Deposit). In 2018, the Treasurer's Office committed $500 million in impact investment deposit funds to be placed with local financial institutions that seek to provide below-market rate loans in their communities. The Treasurer's Office has taken bold steps to make targeted investments through Invest in Illinois. Not only are there excellent investment opportunities in these communities, there are excellent opportunities to create jobs, business growth, and long-term economic prosperity. The Treasurer’s Office is particularly focused on championing, growing, and investing in underserved areas of Illinois, be it rural small towns, suburban communities, or large city centers. As the state’s Chief Investment Officer, the Treasurer's Office has a tremendous opportunity to generate investment earnings while simultaneously creating economic growth here in Illinois. By providing access to State investment capital at a lower rate, Invest in Illinois incentivizes financial institutions to lend to groups marginalized by limited loans or high-interest rates at a lower cost to borrowers. Invest in Illinois is a collection of programs offered by the Treasurer’s Office – (1) Ag Invest, (2) Business Invest and (3) Community Invest – that provide impact investment deposits to lending institutions to provide consumer loans, assist with farm-related expenses, finance business expansion and fund other important economic development activities. Three Impact Investment Deposit Programs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |