(20 ILCS 690/7)
(from Ch. 5, par. 2257)
Agricultural or rural diversification
financing awarded by the Office is subject to the following conditions:
(a) Financial assistance shall be used by a rural business for
agricultural or rural diversification projects.
(b) The Office shall determine the interest rate, the terms and
conditions for repayment, and the repayment period which shall not exceed 10 years.
(c) Financial assistance for any one agricultural or rural diversification
project shall not exceed $200,000, the rural business or agribusiness must
provide a minimum of 15 percent of the equity in the project, the rural
business or agribusiness must demonstrate a positive cash flow as evidenced
by a net income before taxes of 5 percent of the gross income of the rural
business or agribusiness based on actual or projected income and expenses,
and State financing under this Act shall cover no more than 25
percent of the total costs of the diversification project unless the
Director of the Department waives the 25 percent limitation.
(Source: P.A. 85-180.)