Illinois Small Business Emergency Loan Fund
Illinois Department of Economy Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.
Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term. For more information, click here.
Who is eligible?
Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 can apply. Small businesses within the City of Chicago can apply to a similar loan program here.
What can loan funds be used for?
Loans can be used to support working capital.
How do businesses apply?
Click Here: Illinois Small Business Emergency Loan Fund
How much money is available?
Businesses can receive a low interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months.
How soon will businesses receive funds?
We expect high demand for this program, and once submitted, it will take time to process your application and receive a response. Lenders are reviewing applications as quickly as possible, and we are working to add additional lenders to the program.
Please continue to check the DCEO website for an up to date listing of lenders and available programs.
Downstate Small Business Stabilization Program
To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program.
This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.
Who is eligible?
Local governments can apply on behalf of businesses with 50 employees or less. Only cities, villages, and counties that are not a HUD direct entitlement community or located in an urban county that receives “entitlement” funds are eligible to apply. Communities receiving an annual allocation directly from HUD on an entitlement (formula) basis are not eligible to apply for the State’s CDBG funding.
What can grants be used for?
Grants can be used to support working capital.
How do businesses apply?
Businesses in the eligible areas should work with their local governments to submit applications.
Click here for: Downstate Small Business Stabilization Application
How much money is available?
Grants of up to $25,000 per business will be available.
How soon will businesses receive funds?
DCEO’s goal is to execute grants within 30 days of application receipt, after which funds will be accessible.
Additional Non-State Resources
The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. As a response to this challenge, the City of Chicago has established the $100 million Chicago Small Business Resiliency Fund (the Resiliency Fund), which will provide small businesses and non-profits with emergency cash flow during this health crisis. Funds will be provided to eligible businesses as low interest loans. To apply and find out more information click here
Cook County’s Bureau of Economic Development has launched The Community Recovery Fund as part of the Community Recovery Initiative. This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders. Applications open in mid-April on a first-come, first-serve basis.
To apply, businesses and independent contractors in suburban Cook County must meet these requirements:
• Small Businesses
• Fewer than 25 employees
• Less than $3 million in revenue
• Gig Workers
• At least half of income from 1099 contract work
• Less than $100,000 in gross annual income To learn more about the initiative and sign up for updates for when the application period opens, please complete this form. Updates will be sent on a regular basis.
Aid to All Businesses, click here
Other Technical Assistance, Information & Relief
Business Licenses, click here
Tax Relief, click here
Unemployment Insurance, click here.
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For a comprehensive list of resources available statewide please refer to Governor Pritzker’s COVID-19 resources website.
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