Small Business Emergency Loan
The Illinois Department of Commerce and Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) have established the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of as much as $50,000. Loans can be used to support working capital.
Businesses located outside 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.
Businesses can complete an interest form [LINK] to apply, and eligible businesses will be invited to submit a full application beginning April 1. DCEO will make a loan decision within 10 days and make funds available within two days of receiving bank information from a business.