Illinois Commercial Financing Disclosure Law (HB 3765) — Effective January 1, 2024
Illinois requires all commercial finance providers to disclose before signing: total funded amount, total repayment amount, total finance charge, APR equivalent, term, and prepayment policy for transactions under $500,000. T.A.G. Business Funding provides a full Illinois CFDL-compliant disclosure on every Illinois MCA offer. If you receive an Illinois MCA offer without this disclosure, request it in writing before signing.
Illinois Markets
Contractor Funding by Illinois City
Chicago Loop / River North
High-rise commercial and luxury residential. Prevailing wage rates of $60–$130/hour for skilled trades. Bi-weekly payroll on a $5M project can exceed $200,000 every 2 weeks while monthly draws arrive. MCA bridges the gap.
Typical: $40K–$300K
Chicago West Loop / Fulton Market
Fastest-growing commercial corridor in Chicago. Office, tech HQ buildout, and mixed-use projects. Google, McDonald's HQ, and Fulton Market food production facility construction. High subcontractor demand with consistent project revenue.
Typical: $30K–$250K
Chicago Transit / Infrastructure
CTA and Metra projects have public-sector payment cycles of 45–90 days. O'Hare expansion (Project O'Hare) is creating major subcontractor demand through 2028. MCA bridges the state payment gap for transit subcontractors.
Typical: $30K–$200K
Naperville / Aurora / Schaumburg
Chicago suburban commercial growth corridor. I-88 tech corridor office construction. Schaumburg and Oakbrook corporate campus work creates consistent suburban contractor demand. Same national MCA criteria apply.
Typical: $20K–$150K
Rockford / Peoria
Manufacturing facility renovation and infrastructure work in Downstate IL. Caterpillar Peoria HQ campus projects. Rockford airport expansion. Smaller but consistent deposit volumes qualify for MCA on national criteria.
Typical: $10K–$80K
Springfield / Champaign
State government campus projects in Springfield. University of Illinois campus and medical district construction in Champaign. Consistent government-adjacent project revenue.
Typical: $10K–$60K
Qualification
Illinois Contractor MCA Requirements
Minimum Monthly Deposits
$10,000/month
Minimum FICO Score
500 (soft pull only)
Time in Business
4+ months operating
Documents Required
6 consecutive months bank statements + application
Advance Range
$15,000–$300,000
IL CFDL Disclosure
Required — provided before signing
FAQ
Illinois Contractor Funding — FAQ
Can an Illinois contractor get MCA between draw cycles?
Yes. Chicago GCs issue draws every 30 days, but prevailing wage labor must be paid bi-weekly. A Chicago Loop contractor averaging $120,000/month may qualify for $90,000–$180,000 within 24 hours to bridge the payroll gap.
Does Illinois require commercial finance disclosure for contractors?
Yes. Illinois HB 3765 CFDL (effective January 1, 2024) requires disclosure of total funded amount, total repayment, finance charge, APR equivalent, term, and prepayment policy before signing for transactions under $500,000. T.A.G. provides CFDL-compliant disclosure on every Illinois offer.
Can an Illinois contractor use MCA for prevailing wage payroll?
Yes. Chicago prevailing wage rates are among the highest in the US — often $60–$130/hour for skilled trades. Bi-weekly payroll on a $5M commercial project can exceed $200,000 every 2 weeks while GC draws arrive monthly. MCA bridges this gap faster than any other working capital product.
Can an Illinois contractor use MCA for O'Hare expansion projects?
Yes. Project O'Hare (the largest airport expansion in the US currently) is creating major subcontractor demand through 2028. These public-sector projects have state and city payment cycles of 45–90 days. MCA bridges the gap for O'Hare subcontractors waiting on CDOT and city payments.
How fast can an Illinois contractor get funded?
Most Illinois contractor applications receive a decision within 2–4 hours. Chicago contractors submitting complete files before noon Central time are eligible for same-day wire funding.
Related Pages
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