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Small Business Loan and Grant Assistance Programs Available

Post Date:03/26/2020 4:43 PM

Governor JB Pritzker has announced the launch of new emergency assistance programs for Illinois small businesses. These initiatives include:

Hospitality Emergency Grant Program

To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program. Grant funds are available to support working capital, such as payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery.

  • Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000
  • Bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000
  • Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Applications will be accepted until 5 p.m. on Wednesday, April 1, and recipients will be chosen via a lottery. 

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.

  • Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 are eligible
  • Businesses can receive a low-interest loan of up to $50,000 with a five-year repayment period with no payments due for the first six months
  • Loans can be used to support working capital

Starting Friday, March 27, interested businesses will be able to express interest at a form on the program webpage.

For continued updates on additional resources, please visit the Business Resource Guide compiled by The Evanston COVID-19 Task Force Partners.

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