Overview
What is Rockford Local Development Corporation?
Rockford Local Development Corporation is a not-for-profit organization situated in Rockford, Illinois. Their primary mission is to promote the commercial, industrial, and general welfare of the city and surrounding areas in Northern Illinois. They operate under the U.S. Small Business Administration's (SBA) 504 Program, serving as a Certified Development Company (CDC). The SBA 504 Program offers long-term, fixed-rate, subordinated debt to eligible small businesses. As of 2022, Rockford Local Development Corporation manages a portfolio of loans totaling 58.9 million, benefiting 152 businesses. In the same year, they closed 15 SBA 504 loans worth 10,016,000 and approved 10 new loans for an additional 13,707,000. With a staff of 8 employees, they strive to stimulate business development in the area.
Is Rockford Local Development Corporation legitimate?
Rockford Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(6) entity. Rockford Local Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $238,480
Professional Fundraising Fees: $0
Other Salaries and Wages: $287,999
For more financial information, click here
What is the mission statement of Rockford Local Development Corporation?
The Rockford Local Development Corporation's mission is centered around promoting commercial, industrial, and general welfare. It aims to assist in developing and implementing strategies that stimulate business development, thereby contributing to the growth and development of its respective region. As a certified development company under the U.S. Small Business Administration's SBA 504 Program, the corporation provides long-term, fixed-rate, subordinated debt to eligible small businesses. In the fiscal year 2022, the corporation closed 15 SBA 504 loans totaling $10,016,000 and approved 10 new loans for an additional $13,707,000, managing a portfolio of loans worth $58.9 million for 152 businesses.
Who is the CEO of Rockford Local Development Corporation?
John Phelps is the Director of Rockford Local Development Corporation.
What is the revenue of Rockford Local Development Corporation?
Rockford Local Development Corporation's revenue in 2022 was $1,498,474.
Who are the executives of Rockford Local Development Corporation and what are their salaries?
The average compensation at Rockford Local Development Corporation during 2022 was $65,810. There are 8 employees at Rockford Local Development Corporation.
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- Compensation: $182,117
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- Other: $53,890
Where can I find the form 990 for Rockford Local Development Corporation?
Rockford Local Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Rockford Local Development Corporation
Rockford Local Development Corporation, a not-for-profit organization, is dedicated to promoting the commercial, industrial, and general welfare of various communities in Illinois and beyond. Its primary mission is to assist in developing and implementing strategies that stimulate business development. This nonprofit organization plays a crucial role in fostering growth and prosperity in the areas it serves, contributing to a stronger and more vibrant economic landscape.
In pursuit of its mission, Rockford Local Development Corporation serves as a Certified Development Company (CDC) under the U.S. Small Business Administration's SBA 504 Program. This program allows the organization to provide long-term, fixed-rate, subordinated debt to eligible small businesses. By doing so, Rockford Local Development Corporation supports the growth and expansion of these businesses, contributing to job creation and economic development in the communities it serves.
In the fiscal year 2022, Rockford Local Development Corporation demonstrated its commitment to this mission by closing 15 SBA 504 loans in the amount of $10,016,000 and approving 10 new SBA 504 loans for an additional $13,707,000. This significant activity highlights the organization's impact and its ability to facilitate the growth of small businesses, thereby contributing to the overall economic well-being of the communities it serves.
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Impact
October, 2024
Rockford Local Development Corporation plays a significant role in enhancing the commercial and industrial landscape of Rockford and Northern Illinois. Through its efforts, it effectively stimulates business development, offering support to small businesses that are crucial for local economic health.
A key initiative is the SBA 504 Loan Program, which facilitates long-term, fixed-rate financing that empowers small businesses with necessary capital. Currently managing a diverse $58.9 million portfolio, the organization has successfully issued loans to 152 businesses, enabling them to expand and thrive.
In fiscal year 2022, Rockford Local Development Corporation closed 15 SBA 504 loans totaling over $10 million and approved an additional $13.7 million across 10 new loans. These financial actions illustrate the organization's commitment to fostering economic growth and improving the overall welfare of the community. By providing accessible funding and supporting strategic business development, it contributes significantly to the region's prosperity and job creation.
This information is meant to be a general summary of Rockford Local Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,859
- Program Service Revenue: $806,015
- Gross Receipts: $1,498,474
Assets and Liabilities:
- Total Assets: $2,794,433
- Total Liabilities: $363,317
- Net Assets: $2,431,116
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM RELATED LOAN FEES
Revenue
$464,558
PROGRAM RELATED INTEREST
Revenue
$112,353
MANAGEMENT FEES
Revenue
$109,317
SERVICE CONTRACTS
Revenue
$102,776
LOAN DOCUMENTATION FEE
Revenue
$17,011
Organization Details
Founding Year
1979
Phone
(815) 987-8675Principal Officer
John Phelps
Main Address
120 WEST STATE STREET, ROCKFORD, IL, 611011437
NTEE Category
Code: S43 - Community improvement
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