Illinois DCEO Assistance Programs
The Illinois Department of Commerce and Economic Opportunity (DCEO) is providing grants, loans, and other forms of assistance to small businesses. Click the link below for additional information or contact Illinois DCEO at [email protected].
https://dceocovid19resources.com/for-businesses/aid-to-small-businesses/
The Illinois Department of Commerce and Economic Opportunity (DCEO) is providing grants, loans, and other forms of assistance to small businesses. Click the link below for additional information or contact Illinois DCEO at [email protected].
https://dceocovid19resources.com/for-businesses/aid-to-small-businesses/
State of Illinois Resource
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Illinois Emergency Small Business Grants and Loans Assistance
Under Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. For Suburban Businesses, these initiatives include:
Illinois Small Business Emergency Loan Fund: https://us.accion.org/small-business-loans/
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.
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.
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.
Credit Review for this loan- Not a long time review, Only January 2019 and forward they look at: did you pay your bills on time?
Illinois Department of Employment Security (IDES) and Unemployment Benefits
https://www2.illinois.gov/ides/Pages/COVID-19-and-Unemployment-Benefits.aspx
Illinois State Treasurer's Small Business COVID-19 Relief Program
Basics
Details
Through this program, the Treasurer's Office would partner with approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify -- to Illinois small businesses impacted by the COVID-19 pandemic.
Business Owners would have to apply though their Bank:
Hospitality Emergency Grant Program: https://us.accion.org/news/covid-19-hospitality-business-grant-program/
Basics
Details
City of Chicago has a separate website for similar funding. No Details Yet…
Accion Expedited Line of Credit
Basics
Details
Under Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. For Suburban Businesses, these initiatives include:
Illinois Small Business Emergency Loan Fund: https://us.accion.org/small-business-loans/
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.
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.
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.
Credit Review for this loan- Not a long time review, Only January 2019 and forward they look at: did you pay your bills on time?
Illinois Department of Employment Security (IDES) and Unemployment Benefits
https://www2.illinois.gov/ides/Pages/COVID-19-and-Unemployment-Benefits.aspx
Illinois State Treasurer's Small Business COVID-19 Relief Program
Basics
- Eligibility: Outside Chicago, <$3M, <50 employees
- Maximum: $50K
- Rate: No payment for 6 months, TBD thereafter Term: 5 years
- Application: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
Details
Through this program, the Treasurer's Office would partner with approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify -- to Illinois small businesses impacted by the COVID-19 pandemic.
Business Owners would have to apply though their Bank:
- State funds would be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits could be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.
- Deposited funds would facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits that could be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
- Eligible Illinois businesses or non-profits must: (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards); and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits would be renewable as determined by the Treasurer’s Office.
- Financial institutions would be required to provide reports to the Treasurer's Office regarding the usage of program funds, including the number and types of loans provided and the economic impact of such loans.
Hospitality Emergency Grant Program: https://us.accion.org/news/covid-19-hospitality-business-grant-program/
Basics
- Eligibility: Restaurants and bars <$1M, hotels <$8M
- Maximum: $25K for F+B, $50K for hotels
- Rate: Free Term: N/A
- Application: www.us.accion.org/ILgrant
Details
- $14M in grants overall: $8M for hotels / $6M for F+B
- $10K for F+B <$500K / $25K for F+B btw $500K and $1M
- $50K for hotels under $8M annual revenues
- Must upload license and tax return
- For working capital, training, and technology
- Apply by 4/1, lottery 4/4, disbursements 4/6 (w/ACH and W9)
- Lottery distribution: 1/3 Chicago, 1/3 collar, 1/3 downstate
City of Chicago has a separate website for similar funding. No Details Yet…
Accion Expedited Line of Credit
Basics
- Eligibility: IL or IN business owners with clean credit 1/19 to 3/20
- Maximum: Up to $25K, based on 2020 revenues Rate:9%
- Term: Interest-only year 1, then shift to 2 year term loan
- Application: www.us.accion.org/chicago
Details
- Max amount will be based on ave. revenues from January & February business bank statements
- Must have credit report showing on time payments for all lines since 1/19
- Quick application, minimal documentation
- Funding in less than 10 days
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