We wanted to let you know about a small business loan program the State Treasurer's Office is launching in partnership with Illinois financial institutions to assist small businesses and non-profits impacted by the COVID-19 pandemic.
Business Invest -- Illinois Small Business COVID-19 Relief Program
This is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small businesses and non-profits negatively affected by the COVID-19 pandemic. The purpose of this program is to provide vital economic support to small businesses and non-profits to help overcome the loss of revenue they are experiencing. 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.
For background, here is a link to the Treasurer's website that explains this program in greater detail: bit.ly/SmallBizRelief.
We will keep you updated with information as it becomes available. Please feel free to contact me if you have any specific questions or concerns.