Dear Business Partners,
The City and our partners are putting together a host of resources for Businesses
Combating COVID19 (CC-19)
. We have assembled a wealth of information at
. Please check this site periodically as updates are being made.
This notice (CC19- #3) is focused on
and how to access funds to meet ongoing expenses, such as rent, payroll, inventory, and the like.
Below is a list of key financing sources with specific details at
- Bank Loans- Your bank may be the quickest way of getting cash. You can pledge the equity you have on any of your assets (real estate, machinery and equipment) to get the cash you need.
- Local Agency Loans - There are seven local loan providers that offer working capital loans from $500 to $250,000 in conjunction with your bank. A finance matrix is available that presents loan terms from the City, County, LISC, JP and others.
- Disaster Loans - Specialty loans have been established to deal with revenue shortfalls from COVID-19. The SBA can provide a working capital loan up to $2.0 million, at 3.75%, over 30 years, which can significantly reduce your monthly debt payments. Also, the IL-DCEO is establishing a quick turnaround loan with plans to approve loans within 10 days of a complete application.
- Grants - These are funds you don't have to pay back. Food, Beverage, and Hotel businesses may be eligible to receive grants ($10K, $25K, $50K). Also, Facebook is establishing cash/credit grants that you can sign up for.
Please note we will keep you posted of additional funds that will be available upon the approval of a
$2.2 trillion relief
package to include: loan subsidies/guarantees, tax credits for keeping staff on payroll, paycheck protection plans, and other programs.
We look forward to learning how we can better serve you in Combating COVID-19. Please contact us at 309-494-8640 or
for any assistance. We and our partners will do our best to address your issues as they arise.
Cesar J. Suarez
Senior Development Specialist