Loan Review Committee

Committee Details

The Loan Review Committee reviews all applications to determine the project’s potential, and the creditworthiness of the applicant(s) to obtain a low interest loan from the Village. The Committee meets with applicant(s), representative(s) from the Bank of Rantoul, and visits the site (if necessary). The Committee recommend terms, lengths of the loan, and the collateral required to ensure compliance with the goals and objectives of the Loan Fund. The Committee then makes a recommendation for approval or denial that is brought before the Mayor and Village Board by staff for final recommended approval or denial.

Committee Meetings

The Loan Review Committee meetings are scheduled as needed, and they are held at the Village of Rantoul Municipal Building in the Conference Room located at 333 S. Tanner Street, Rantoul, IL 61866.

Committee Meeting Agendas / Minutes

Committee Meeting Agendas are made available 48 hours prior to the meetings. Following approval, the Meeting Minutes are published online.

•  Meeting Agendas & Approved Minutes

Committee Members

The Committee is made up of seven members, and each member serves a three year term. Ordinance 2516 requires that two of the members have at minimum ten years of lending experience with a commercial lending institution, one member must have significant experience with retail or service commercial business, one member must have  significant experience with an industrial business, one at-large member, and two members from the municipality (the Mayor or his designee and Village Administrator or his designee).