COVID-19 Closure of the City Buildings

Based on the advice of the Adams County Health Department, all City Buildings will be closing to the public at the end of business today (03/17/2020) until further notice.

Please click here to view the notice from Mayor Kyle Moore.

Economic Development Loan

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City of Quincy Economic Loan Development Program

Goals and Objectives: To preserve and promote the Quincy economy by providing financial incentives that will encourage private investments for new and expanding businesses that will result in the creation and/or retention of jobs.

Eligibility: Any new and/or expanding manufacturing business, distributing, warehousing, packaging and processing facilities, office industries (including corporate, professional and technical) that create or retain permanent jobs and demonstrate a significant payroll and other long-term economic benefits to the Quincy area.

Eligible Project Costs: Land and/or building acquisition, structural rehabilitation, expansion, machinery and equipment, furniture and fixtures and working capital. Loan funds cannot be utilized to refinance existing debt.

Types of Loans:

Participation Loan - A financial institution must participate with a matching term loan.

Direct Loan - This is a high-risk, venture capital component of the program, subject to loan committee approval.

Link Deposit Loan - The city makes discounted deposits with the participating bank, allowing the bank to lend directly to the borrower at below market rates.

Loan Guarantees - Makes financing available by guaranteeing repayment of principal for loans made with bank.

Interest Rates and Loan Terms:  Loan terms and rates are determined by agreement between the Participating Lender and City on a case-by-case basis. Loans would be structured to provide the borrower a lower blended rate.

Loan Security/Collateral: Loans must be secured by collateral sufficient to assure repayment. Acceptable security could include: a mortgage on land, building and/or equipment; and in some projects, assignment of warehouse receipts and accounts receivable. A personal guarantee from each major principal in the company is a requirement. A life insurance policy matching the city’s loan and naming the city of Quincy as beneficiary is required from each major principal in the company.

Origination and Service Fee: An origination fee of 1.5% of the loan principal is due on the date of the loan closing. In addition, an annual service fee of .5% is assessed on the declining principal outstanding on the anniversary of the loan. These apply to all loans.

To Apply: Submit a completed application form along with a detailed business plan and other requested financial information.

For more information, contact:
Department of Planning and Development 
City of Quincy-City Hall Annex
706 Maine Street
Quincy, IL 62301