STEP provides Illinois companies with access to affordable capital to expand their operations in order to retain or create jobs in the state.
For each permanent full-time job that is created or retained, the treasurer deposits $25,000 at well-below market rates into the borrower's financial institution. That institution will then lend the money to the borrower at well below prevailing interest rates. The terms of the loan range from one to five years.
STEP was created to encourage and promote economic development and expansion of businesses in Illinois.