2005 Section 108 Project Summary - Illinois

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Economic Development

Neighborhood Revitalization Project
BORROWER: AURORA
STATE: IL
SECTION 108 LOAN GUARANTEE AMOUNT: $4,960,000

Aurora will use the Section 108 Guaranteed Loan to establish an Economic Development Loan Fund to make loans to businesses located within the City's HUD approved Neighborhood Revitalization Strategy Area (NRSA) in the downtown area. The city will provide financing to businesses in the NRSA for business expansion, equipment purchases and working capital. This lending activity will cause the creation of an estimated 200 full-time equivalent jobs which will benefit at least 51% will of these new jobs will be made available to or held by persons of low and moderate-income.

W.A. Whitney/ Mega Fabrication Project
BORROWER: ROCKFORD
STATE: IL
SECTION 108 LOAN GUARANTEE AMOUNT: $1,000,000

Rockford will use its Section 108 Guaranteed Loan to assist a for-profit entity, Mega Fabrication, Inc., with the acquisition of W.A. Whitney’s business assets, including its production facility of from the Esterline Corporation. The W.A. Whitney company produces computer-controlled laser plasma metal cuttings and will continue its operations under the name of W.A. Whitney. Mega Fabrication, Inc. will expand W.A. Whitney’s operations and its business, which cause will the creation of 30 new full-time-equivalent jobs. This business expansion project in Rockford will benefit low- and moderate-income persons through the creation of new job opportunities.