TIF Loan
This program is a collaboration between the City of Sullivan with the three local banks in Sullivan: First Mid-Illinois Bank & Trust, First National Bank and Scott State Bank. Applications must be made at one of the three banks. In this program, the banks provide 75% of the loan amount at a rate of Wall Street Prime + 1% (locked for no more than 3 years) and the city provides 25% of the loan amount out of TIF at 1% interest, thereby lowering the overall interest. Applicants must be located within one of the three TIF districts to qualify.
TIF-Loan Program Outline