Illinois Small Business Emergency Loan Fund

By Joseph Kelly

On the heels of SBA’s various loan programs, Governor Pritzker and the State of Illinois are trying to help certain Illinois small businesses with loans from the Illinois Small Business Emergency Loan Fund.

Here are some highpoints:

  • Who’s eligible?

Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 that have suffered at least a 25% drop in revenue because of Covid-19.

  • How much can you get?

Up to $50,000 at 3% interest with a five-year repayment period and no payments due for the first six months.

  • What can loan funds be used for?

Working capital, and at least 50% of loan proceeds should be applied toward payroll or other eligible compensation up to $100,000 per employee (salaries, wages, tips, paid leave, group healthcare benefits), with a commitment to hire or retain at least 50% of a business workforce for six months.

  • Who’s the lender?

If located north of I-74, the lender is Accion Serving Illinois and Indiana and the application is here. If located south of I-74, there is a different lender. Additional lenders may be added in the future.

If interested, the State provides more details here.

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