March 26, 2020 – This is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small businesses and non-profits negatively affected by the COVID-19 pandemic. The purpose of this program is to provide vital economic support to small businesses and non-profits to help overcome the loss of revenue they are experiencing. Read More | PDF
Illinois has been added to the list of Presidential and SBA Agency Declared Disaster States, therefore making Illinois businesses and non-profits statewide eligible to apply for assistance via the SBA Economic Injury Disaster Loan (EIDL) program, a program providing low interest loans of up to $2M to businesses and private non-profits. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. Loan rates are expected to be 3.75% for businesses and 2.75% for non-profits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.
These working capital loans may be used to pay the following:
EIDL loans are not intended for:
March 23 – Illinois small businesses can tap into $250 million in low-interest bridge loans as soon as this week to help push through the COVID-19 pandemic, Illinois State Treasurer Michael Frerichs said today. Read More