Tribune graphics But the administration would not specify how the group was vetted and whether other warning signs about the group’s finances were taken into consideration before it was selected. The group had failed to submit tax documents to the state on time, and prior tax reports showed the organization was spending more than it was taking in. In addition, the group did not provide the state its required annual outside audit one that showed the group was more than $500,000 in the red until well after the contract was signed. The revelations about the loan program shed light on a little-known portion of Quinn’s $54.5 million Neighborhood Recovery Initiative that centered on federal money. Much of the focus including that of federal and Cook County prosecutors has been on a larger pool of state money that went to community groups, some of whom failed to keep careful track of how the money was spent and did not live up to grant requirements, according to Illinois’ auditor general.
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There is sometimes discretion to increase the period of these loans up to 5 years where appropriate. Loans over 10,000 will be for a maximum of 5 years What is the business loan application process? We will require the following supporting documentation: Busines Loan Application Form Latest audited, draft and management accounts.
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