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Micro Loan Program

What is the Madison County Micro Loan Program?

A loan program created by the Madison County Treasurer’s Office to satisfy the overall need for capitalization for new and existing small, private sector businesses in Madison County. The Madison County Treasurer’s Office has a role in promoting economic development and the economic well-being of Madison County and seeks to create job opportunities within the county. The Treasurer’s Office has partnered with Justine PETERSEN, a not-for-profit organization, and TheBANK of Edwardsville. Justine PETERSEN will be responsible for the overall administration of the Micro Loan Program by providing low interest loans with substantial technical assistance. TheBANK of Edwardsville will serve as the program’s financial sponsor as part of its commitment to the small business community. The loan program is based on donations received
from TheBANK of Edwardsville that Justine PETERSEN will use to establish a ten year revolving loan fund.

View Micro Loan Program Brochure

Who is Eligible to Participate in the Micro Loan Program?

Individuals who may otherwise be unable to secure financing from traditional lenders and need assistance in accessing safe and affordable capital to expand or create a small business in Madison County.

How to Participate in the Micro Loan Program?

Justine PETERSEN approves the loans through an application process which includes creating and submitting a business
plan. Counselors working with the program are available to assist applicants with this process.

What are the terms of the loans?

A flexible loan package will be arranged to meet the individual business owner’s specific needs. Borrowers are required to make affordable monthly payments for the term of the loan, which may not exceed 6 years.

How much can a qualifying business owner borrow?

Loan applications ranging from $250 up to $35,000 will be considered. Loan approval is based on the five “C’s” of lending (credit, capacity, collateral, capital and character).

Loan Funds may be used for:

  • Equipment
  • Working Capital
  • Inventory

Loan Funds may not be used for:

  • Refinancing existing debt
  • Leasehold Improvements
  • Property Acquisition

What is the interest rate?

The loan interest rates are fixed and range between 8.625 – 9.5%.

Are there any fees associated with the Micro Loan Program?

Yes, there is a $100.00 loan origination fee that is due at loan closing. A technical assistance fee of $8.33 per month is also applicable once the loan is approved.

How are Loan Funds distributed?

Our program administrator, Justine PETERSEN, makes all checks payable directly to the third-party vendor. Borrowers must provide proof of purchase such as written invoice verification.

Are any additional services available to participants of the program?

Services provided:

  • One-on-one counseling and technical assistance
  • Credit building strategies - Strong personal financial stability supports sound business financial management and therefore, all counseling begins with a review of personal credit history and a plan to address barriers to safe and affordable financing.
  • FDIC Money Smart Curriculum
  • Business Planning through a simple questionnaire to assist existing informal businesses that do not have written business plans to transition from informal to formal businesses
  • Micro loan origination
  • Post-loan technical assistance for those that struggle to meet their business plan benchmarks and for those that are expanding their businesses

Important Stats Of Justine PETERSEN’s Assisted Businesses:

87% of Micro Loan recipients started and still operate a business after one year
92% of the businesses experienced an increase in business revenue
82% of the businesses have an increase in owner’s draw

Getting Started

Considering starting a business in Madison County? Begin by meeting one-on-one with a Justine PETERSEN counselor who will assist you through the business planning process.

To Apply

  • STEP 1 - Go online to
  • STEP 2 - Download and complete micro loan application and business plan questionnaire
  • STEP 3 - Schedule an appointment with one of Justine PETERSEN’s counselors

Additional Information

Galen Gondolfi
Senior Loan Counselor
(618) 741-2159

Madison County Treasurer’s
(618) 692-6260