The Banking Development Program is intended to encourage banking institutions to open or expand a branch in a low or moderate income community so that the community’s credit and development needs are met. 

Amounts and Terms:

• Borrowers can receive up to $10 million.
• The deposit for hard, construction costs is capped at $5 million.
• The deposit for financing, programs and services can be up to, but not over, the deposit for hard costs. The maximum is $5 million.
• The loan duration is two years with the possibility of a three-year extension.
• A site visit may be required for approval.

Interest Rates:

• Interest rates are indexed daily here and vary based on whether the loan covers hard costs or financing, programs and services costs. The listed rates are posted to give potential borrowers an indication of current rate figures. The final deposit rate is determined on the business day prior to issuing the loan. Contact our banking division at (217) 782-2072 with interest rate questions.

Program Eligibility:

• The prospective financial institution must be approved as a state depository and have a CRA rating of satisfactory or better.

How to Apply:

1. Contact the Treasurer’s Office for an overview of the program.
2. Complete the Opportunity Illinois program application and forward your application package, including all required documentation, to the Treasurer’s Office.
3. Submit a completed application for deposit.
   
4. The Treasurer’s Loan Committee will review the application for approval. The committee meets twice monthly.

If you have questions, please e-mail opportunityillinois@treasurer.state.il.us or call (312) 814-1244.