CHICAGO, Ill. (NEWS3) — Small businesses have the chance to seek financial assistance due to the impact of the coronavirus.
Gov. J.B. Pritzker announced more than $90 million in emergency relief programs to provide loans and grants to small businesses particularly outside of Chicago.
“Our department is leveraging every resource we have available to support small businesses in these challenging times,” Illinois Department of Commerce and Economic Opportunity (DCEO) Director Erin Guthrie said. “These funds will provide small businesses on the brink with much needed working capital to continue making payroll and paying other bills while our administration continues to advocate for additional resources from the federal government.”
A $60 million emergency loan fund is the first relief package offering up to $50,000 per business with less than 50 employees and under $3 million in last year’s revenue. The loan includes low-interest rates.
Officials said successful applicants will owe nothing for six months and will then begin making fixed payments at 3 percent interest for the remainder of a five-year loan term.
In addition, the DCEO is offering up to $25,000 in grants for small businesses in suburban and rural counties across Illinois as part of a $20 million downstate stabilization program.
Officials said the grants are for businesses with up to 50 employees and comes from the Community Development Block Grant funds on a rolling basis.
Applications for the loan fund and grant programs are available on the DCEO’s website by clicking here.