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State Assistance Programs
Illinois has made available a few options for small business grants (free money) and loans (need to pay back). Full details on all of these options can be found by clicking here; and are summarized below:
- 1. Hospitality Emergency Grant Program – Bars and restaurants with under $1m in 2019 revenue can apply for up to $25k in grants (free money) to fund working capital (rent, payroll and accounts payable), job training or technology enabling operations.Deadline to apply is 5pm on Wednesday April 1st and businesses will be selected through a lottery pool of all applicants.
- 2. Illinois Small Business Emergency Loan Fund – Businesses with fewer than 50 workers and less than $3m in revenue can apply to receive a low interest loan up to $50k with a 5 year repayment. There will be no payments for 6 months to support your business. The form to express interest in this loan will be available by tomorrow Friday March 27th . Once the form is available, you should apply immediately. If selected as an eligible business, you will be invited to apply for the loan beginning April 1st .
- 3. Downstate Small Business Stabilization Program – Local governments can apply on behalf of businesses with 50 employees or less in downstate and rural counties across Illinois to secure grants (free money) of up to $25k for working capital (rent, payroll and accounts payable). Please check to see if your business is in an eligible area. If you are eligible, you need to work with your local governments to submit applications by tomorrow, Friday March 27th .