SBA ‘Disaster Loans’ and IL ‘Impact Investment Loans’
LOUISVILLE…State Rep. Darren Bailey (R-Xenia) is advising small businesses impacted by the COVID-19 emergency to learn about two programs being made available at this time: 1) Disaster Loans through the Small Business Administration (SBA) and 2) Impact Investment Loans through the Illinois State Treasurer’s Office.
“While many small businesses are adapting to the current situation caused by the COVID-19 health emergency to keep their businesses open to provide essentials goods and services, a significant number may need help this kind of help to weather these challenges,” commented Rep. Darren Bailey. “Low-interest loans to help keep our job creators open and residents with a job is keep for us to rebound from this crisis.”
The state treasurer’s office announced it will make up to $250 million available to Illinois banks and credit unions that wish to participate in an impact investment loan program. The approved financial institutions will determine which small businesses and non-profits are eligible for the loans to help get them through the COVID-19 emergency. More about the Illinois Small Business COVID-19 Relief Program can be found at: https://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program. Should you have any questions, please contact the Invest In Illinois team at (217) 558-6217 or email: firstname.lastname@example.org.
The other program available at this time is the SBA program made available through the Illinois Department of Commerce and Economic Opportunity (DCEO) that the U.S. Small Business Administration (SBA) has approved Illinois' eligibility for disaster assistance loans for small businesses facing financial hardship in all 102 counties due to COVID-19.
Eligible businesses can apply for up to $2 million in low-interest loans at: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/Coronavirus-Disease-2019-(COVID-19)-Information-for-Small-Business.aspx