Are there any grants or loans available in Illinois for a lower income family to purchase a business?

My husband and I live in a very small town in Illinois. There is a business for sale here in our town that actually consists of two buildings. One building is a empty business front with some apartments above. The other building was is an icecream parlor/fast food restaurant with all equipment. These two are being sold as a package deal and will not be seperated.

My husband is the only one who works in out family of 6. I go to school, take care of the kids and house and help out at their school. We are interested in purchasing these buildings, but with limited income comes limited funds. My husband has experience running a restaurant and in very busieness savy. We also own rental property in Kentucky so we have experience as land lords.

Our question is this...is there anyway for a lower income family to get a loan or grant to purchase these properties? I am almost certain that we will not be able to get a grant because it is not a non profit business venture. THANKS!

Contact a local bank and ask them about the SBA 504 Program. You will need at least a 10% equity injection (down payment) If you have equity in your personal residence or in the property in Kentucky, you may be able to offer that as additional collateral.

Start here > grants.gov / SBA.gov

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