Resources
- see below for the following:
State
of Illinois Loan Programs
November, 2009
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Illinois Development Finance Authority (IDFA)
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Program
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Eligible Projects
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Participation Loan
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Primarily fixed-asset projects
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Rural Development
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Land purchase, facility construction, machinery
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Title IX Revolving Loan
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Small and mid-sized manufacturers
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Micro-Loan
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Purchase fixed assets and inventory, working capital
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Industrial Revenue Bonds
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Purchase of land, buildings and equipment
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Solid Waste Disposal Revenue Bonds
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Tax-exempt bonds for land, facility, and equipment
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501(c )3 Non-for-Profit Bonds
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Large capital improvement projects, purchases, rehabilitation,
land, equipment, buildings
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501(c )3 Not-for-Profit Leases
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Equipment, other fixed assets, capital improvement
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Program
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Eligible Projects
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Industrial Training (ITP)
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Grants to offset 50% of new and existing workforce training and
retraining costs
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Prairie State 2000 Authority
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Grants to offset 50% of existing workforce retraining costs
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State Programs
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Program
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Eligible Projects
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Participation Loan Program (DCCA)
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Financial assistance to small business
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Business Development Public Infrastructure
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Expansion or relocation projects
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Affordable Financing of Public Infrastructure
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Public infrastructure improvements
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Environmental Remediation Tax Credit
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Businesses remediating sites accepted into the Illinois Site
Remediation Program
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Enterprise Zone
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Financial assistance to small businesses locating in Illinois
Enterprise Zones
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Community Action Agency Loan (DCCA)
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Business expansion and start-up which results in the hiring of
low-income persons
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Community Development Assistance Program
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Finance infrastructure public facilities, housing
rehabilitation, economic development
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IL Capital Access Program
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Loan insurance for small and new businesses that do not qualify
under conventional lending policies
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Dept. of Transportation Economic Development Transportation
Program
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Reimbursement of qualified educational costs
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State Treasurers Economic Program (STEP)
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Create, expand or retain permanent jobs or demonstrate other
economic benefit for the State.
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Central
Illinois Region Loan Programs
November, 2009
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Revolving Loan Funds
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Eligible Projects
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Peoria County
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Businesses that create/retain jobs
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City of Chillicothe
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Businesses that create/retain industrial, service or retail
jobs
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Tazewell County
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Businesses that create/retain industrial, service or retail
jobs
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East Peoria
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Businesses that create/retain industrial, service or retail
jobs
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Village of Mackinaw
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Businesses that create/retain industrial, service or retail
jobs
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Woodford County
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Working capital, inventory, machinery/equipment, real estate
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El Paso
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Working capital, inventory, machinery/equipment, real estate
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Eureka
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Working capital, inventory, machinery/equipment, real estate
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Metamora
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Working capital, inventory, machinery/equipment, real estate
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Minonk
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Working capital, inventory, machinery/equipment, real estate
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Heartland Community Development Corp.
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Eligible Projects
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Peoria, Tazewell, Woodford Counties
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Investments, business credit enhancement, affordable housing,
venture capital, rural development, speculative
building, and minority startups
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Small Business Administration (SBA) Programs
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Program
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Eligible Projects
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SBA Micro Loans
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Working capital, inventory & equipment
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SBA 504 Loan
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Acquisition of machinery, equipment, real estate, land,
construction or remodeling
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SBA 7(a) Loan
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Working capital, inventory, machinery, equipment, furniture and
fixtures
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Illinois Finance Authority (IFA)
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Program
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Eligible Projects
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Participation Loan
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Primarily fixed-asset projects
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Rural Development
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Land purchase, facility construction, machinery
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|
Title IX Revolving Loan
|
Small and mid-sized manufacturers
|
|
Industrial Revenue Bonds
|
Purchase of land, buildings and equipment
|
|
Solid Waste Disposal Revenue Bonds
|
Tax-exempt bonds for land, facility, and equipment
|
|
501(c )3 Non-for-Profit Bonds
|
Large capital improvement projects, purchases, rehabilitation,
land, equipment, buildings
|
|
501(c )3 Not-for-Profit Leases
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Equipment, other fixed assets, capital improvement
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City of Peoria
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Eligible Projects
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Business Development Fund
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Industrial, commercial and service projects
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Activity Bonds
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Purchase of land, buildings and equipment for industrial
projects
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Attorneys
WILLIAM C CONNOR
William
C Connor, Attorney at Law, PC
Office
Address: 2714 N Knoxville Ave, Peoria, IL 61604
309.687.6000
(office)
bconnorlaw@sbcglobal.net
The
firm has four attorneys available for any transaction.
Their areas of expertise range from entity formation to
succession planning, commercial real estate, general
intellectual property issues for referral, complex trusts,
stock purchases, straight asset purchases, and Section 338
transactions.
Experience
within ranges from a recent law school graduate (licensed in
both Illinois and Virginia) to twenty-four years of
experience. Our
most senior attorney has family business origins and has
handled large, complex business sale transactions in his over
twenty years of legal practice in Central Illinois.
Our
goal with each transaction is to close the deal, while keeping
the client safe. We provide prompt client response, cloud access to the
transaction documents as they are being formulated, and office
hours that are flexible to fit the client's schedule.
Our firm represents buyers
and sellers with respect to the following aspects:
- Stock
purchase vs. asset purchase
- Sale
timing
- Licensing
and its effect on deal structure
- Deal
structure coordination with business plan going forward
- Real
estate, zoning and special uses
- Employment
agreements
- Non-compete
agreements
- Consulting
agreements
- Franchisor
consent and rights
- Shopping
center lease concerns
- Customer
continuation agreements
- Choice
of entity
WILLIAM
SHAY
JONATHAN
PHILLIPS
Shay Law Group, Ltd
Office Address: 456
Fulton St, Ste 255, Peoria, IL 61602
309.494.6155 (office)
309.453.9527 (cell)
309.494.6156 (fax)
wshay@shaylawgroupltd.com
jphillips@shaylawgroupltd.com
Shay Law Group, Ltd has an office in downtown Peoria. Their
practice includes corporate law
and in that area they advise entrepreneurs in forming a new
business entity, and then represents the business in nearly
all of its legal requirements and matters, including private
securities issuances, debt transactions, employment
agreements, contracts, licenses, and leases, as well as
various business disputes. Mr. Shay has experience in various
types of business transactions, including sales and purchases
of companies or divisions, and asset or stock transactions.
Mr. Phillips has concentrations in intellectual property law,
litigation and collection matters.
Mr. Shay’s career has included serving as General Counsel
to CILCORP, Inc., an electric and natural gas public utility
holding company, and working for two large Chicago law firms.
He also has served in executive level business positions with
CILCORP and The AES Corporation, a global power company.
Mr. Shay graduated from Bradley University in 1974 with a
B.S. in Accounting, with honors, and is a 1978 honors graduate
of the University of Illinois College of Law, where he was a
member of the Law Review (published) and a Harno Fellow. He
also is a Certified Public Accountant. Following law school,
Mr. Shay served as Law Clerk to Illinois Supreme Court Justice
Thomas J. Moran for two years.
Bank
The State Bank of Speer is a locally owned
and managed community bank in central Illinois. We were
founded in 1902 and have been serving central Illinois
customers for over a century. We opened the Peoria Banking
Center branch in Peoria, Illinois in 2002 to provide the same
friendly customer service as our main bank in Speer, Illinois.
We pride ourselves on the relationships we have with our
customers and the most recent technology banks can offer.
We
are conservative in our lending practices and have avoided the
high risk practices which have caused major problems in the
banking industry. Loan decisions are made locally by bank
employees who know their customers. We offer commercial,
residential, agricultural and consumer loans as well as a full
range of deposit accounts including personal and business
checking, savings accounts, money markets, health savings
accounts, individual retirement accounts, and certificates of
deposit. There are no service or transaction fees associated
with any of these accounts. We also offer online banking and a
number of other business services with no fees attached.
Our
website is www.speerbank.com.
Our address in Speer is 14 Main Street Speer, Illinois 61479
phone 888-249-2141. The Peoria Banking Center is located at
7620 N. University Peoria, IL 61614 phone 309-691-9345.
Contact
Jay Glatz, Vice President Marketing, jglatz@speerbank.com
or 309.691.9345 Ext 204.
Business
Insurance
Aon
Risk Services, an insurance broker and risk management
consultant, can provide a variety of insurance solutions for
M&A-related issues. These can include Reps and
Warranties Insurance and Tax Insurance, as well as
environmental and other traditional insurance products. A
few of these solutions are outlined below.
Reps
& Warranties Insurance
Representations
& Warranties Insurance (“R&W”) can be a valuable
tool to facilitate merger and acquisition transactions.
Through a R&W policy, buyers and sellers can insure all or
part of the liability that might arise from breaches of
representations and warranties, rather than solely looking to
indemnification from the seller. This approach may have
numerous benefits to a transaction:
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Allow
the parties to bridge the gap in negotiating caps on
indemnification
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Facilitate
smaller escrow amounts, allowing the seller to distribute
more of the proceeds to investors at the time of the sale
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Provide
an attractive alternative for Buyers in cases where the
seller may have limited resources to fund its
indemnification obligations, or whose future solvency is
in question
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Provide
recourse for Buyers when a seller indemnity is not
possible or practical, including bankruptcy sales
Tax
Indemnities
Tax
Indemnity Insurance, sometimes referred to as "Tax
Opinion Insurance," may be used to insure the tax
treatment of a transaction. Traditionally, parties look to an
opinion provided by a tax professional if there is any doubt
as to the outcome of a particular tax position. Tax opinions,
however, rarely provide certainty since they only represent
the firm's qualified opinion. A Tax Indemnity policy provides
that certainty by insuring against the risk that the IRS will
view the issue differently and assess a tax liability. A
variety of tax issues may be insured through Tax Indemnity
policies, including:
Mary
M. Duffy | Managing Director
Financial Services
Group - Aon Private Equity & Transaction Solutions
A Division of Aon
Risk Services, Inc. of Pennsylvania
1650 Market Street,
Suite 1000
Philadelphia, PA 19103
P: 215.255.1894 F: 215.255.1889
M: 215.275.7167 E-Mail: mary_duffy@ars.aon.com
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