Aid to Small Businesses

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Illinois Small Business Emergency Loan Fund

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.

Please note that this loan is temporarily not accepting new applicants at this time.


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Downstate Small Business Stabilization Fund

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.


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Small Business Administration (SBA) Disaster Loans & Economic Injury Disaster Loans

The State of Illinois has received its statewide Economic Injury Declaration which means small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business. Learn more at the link below.

 

Economic Injury Disaster Loans

UPDATE: The SBA’s EIDL program is now open for agricultural businesses ONLY to apply. Non-agricultural businesses that submit an application will not be accepted. The SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15th and will be processed on a first-come, first-served basis.

In addition to existing loans available under the SBA for Economic Injury Disaster Loans (EIDL), advance grants up to $10,000 can be made to provide immediate relief for small business operating costs for entities that apply for an Economic Injury Disaster Loan. Funds will be made within three days of a successful application.

*Please note: businesses CANNOT receive an economic disaster loan and a Paycheck Protection Program loan for the same purpose. If you take advantage of an emergency EIDL grant advance up to $10,000, that amount is subtracted from the amount forgiven up to the Paycheck Protection loan. Businesses can also refinance an EIDL into the Paycheck Protection loan for loan forgiveness purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness for a Paycheck Protection loan, remain a loan.*


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Paycheck Protection Program

With the passage of additional federal stimulus funding, the SBA resumed accepting Paycheck Protection Program applications on Monday, April 27th. An additional $310 billion in funding is available for loans to eligible entities to help small businesses and non-profits maintain their existing workforce and pay for expenses like rent, payroll, mortgage and utilities.


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Subsidies for Current Loan Payments

The SBA will automatically pay the principal, fees, and interest that is owed on certain existing loans for a period of six months. Interest will continue to accrue on the loans.


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Cook County

Community Recovery Fund

Cook County’s Bureau of Economic Development has launched The Community Recovery Fund . This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders. Applications opened mid-April on a first-come, first-serve basis.