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Emergency Small Business Grants and Loan Assistance

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Emergency Small Business Grants and Loans Assistance

Under the leadership of Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses.  These initiatives include:

Downstate Small Business Stabilization Program

Program Guidelines and Application Documents

Program FAQs

New Downstate Program Page 1Downstate program page 2

Program Guidelines and Application Documents

To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program.  This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital.  These grants will be offered on a rolling basis.

Who is eligible?
Local governments can apply on behalf of businesses with 50 employees or less. Only units of local government recognized by the Illinois Constitution and able to support economic development activities on a sufficient scale are eligible to apply for Economic Development grant funding.  This includes cities, villages, and counties.  Municipalities must not be a HUD direct Entitlement community or be located in an urban county that receives "entitlement" funds.  A map of eligible areas of the state can be accessed here, see “Staff Contact Information.”

INELIGIBLE COMMUNITIES          
Communities receiving an annual allocation directly from HUD on an entitlement (formula) basis are not eligible to apply for the State’s CDBG funding.  In 2019, Illinois had 33 metropolitan cities and eight urban counties named as Entitlements.  They are:

Urban Counties

Cook County

Madison County

DuPage County

McHenry County

Kane County

St. Clair County

Lake County

Will County

 

Metropolitan Cities

Arlington Heights

DeKalb

Mount Prospect

Rantoul

Aurora

Des Plaines

Naperville

Rockford

Berwyn

Elgin

Normal

Rock Island

Bloomington

Evanston

Oak Lawn

Schaumburg

Champaign

Hoffman Estates

Oak Park

Skokie

Chicago

Joliet

Palatine

Springfield

Cicero

Kankakee

Pekin

Urbana

Danville

Moline

Peoria

Waukegan


What can grants be used for?

Grants can be used to support working capital.

How do businesses apply?

Businesses in the eligible areas should work with their local governments to submit applications.  Application materials will be posted to the DCEO website on Friday, March 27, 2020.

How much money is available?

Grants of up to $25,000 per business will be available.

How soon will businesses receive funds?

DCEO’s goal is to execute grants within 30 days of application receipt, after which funds will be accessible.

 

Illinois Small Business Emergency Loan Fund

Businesses will be able to complete an interest from on Friday, March 27th HERE

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 this 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?

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 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.

 

Visit the Illinois Department of Commerce and Economic Opportunity for more information and updates

 

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