What are the Purposes of the CIRLF Program?

• To attract and retain businesses that provide permanent jobs
• To maximize investment within the City
• To redevelop vacant and/or blighted land
• To promote sales and tax generating projects
• To provide financial assistance to eligible businesses

What are the Criteria for the Use of CIRLF Funds?

• Funds must be utilized for projects located within the City of Rock Island
• At least one job must be created for each $10,000 borrowed
• At least 51% of the jobs that are created must be given to persons with low or moderate incomes
• At least 50% of the total project financing must be obtained from other sources
• Loans can be a maximum of $100,000 and interest can be as low as 50% of prime for 5 years or less; longer term, higher rate
• CIRLF is funded with Community Development Block Grant funds. Therefore, other federal requirements shall be required of the borrower.

Where Do You Receive Additional Information?
For more information on this program, or to receive an application, please contact the Economic Development Division at (309) 732-2920.