Department of Commerce and Economic 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.
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?
Businesses will be able to complete an interest form on this web page on Friday, March 27, 2020.
How much money is available?
Businesses can receive up a low-interest loan of up to $50,000 with a five year repayment period with no payments due for the first six months.
How soon will businesses receive funds?
Eligible businesses will submit a full application beginning on April 1. Once submitted, we will strive to make a loan decision within ten days, and make funds available within two days of receiving bank information from a business.
Information resource - SBA March 25, 2020