Illinois State Treasurer
Small Business COVID-19 Relief Program

llinois Small Business Emergency Loan Fund 

3/25/2020

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. Starting Friday, March 27th, interested businesses will be able to express interest at a form that will be posted 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?

Visit the Illinois Small Business Emergency Loan Page for more information.

How much money is available?

Businesses can receive up 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?

Eligible businesses will be invited to submit a full application beginning on April 1. Once submitted, we will strive to make a loan decision within 10 days, and make funds available within two days of receiving bank information from a business.

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© 2020 by ALLIANCE SBDC

The Small Business Development Center at the Starved Rock Country Alliance

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