Illinois Hospitality Emergency Grant Program
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, the Department of Commerce and Economic Opportunity (DCEO) launched the Hospitality Emergency Grant Program with $14M drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds will support working capital like 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, and 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.
To learn more and get updates on the Hospitality Emergency Grant Program, visit the Illinois Department of Commerce and Economic Opportunity website.
Illinois Small Business Emergency Loan Fund
DCEO and the Illinois Department of Financial and Professional Regulation 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.
To learn more and get updates on the Small Business Emergency Loan Fund, visit the Illinois Department of Commerce and Economic Opportunity website.
Illinois Downstate Small Business Stabilization Program
To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20M in CDBG funds to stand up the Downstate Small Business Stabilization Program. This fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.
Key points and information:
- Notice of funding opportunity, Illinois.gov
- Review The Guidebook for a packet of detailed information about program requirements, eligibility, and application forms
- Review answers to the most frequently asked questions in the Downstate Small Business Stabilization Guide
Get the most recent updates via the Downstate Small Business Stabilization Program.
Illinois State Treasurer: Small Business COVID-19 Relief Program
The Business Invest – Illinois Small Business COVID-19 Relief Program (Program) is an impact investment loan program under which the state treasurer has made up to $250M in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.
Through this program, the Treasurer's Office partners 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.
Key points to the Illinois Small Business COVID-19 Relief Program:
- State funds will be deposited with qualified financial institutions for a one-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits can be drawn in $1 or $5M increments, up to a maximum of $25M per financial institution.
- Deposited funds facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits to be used as bridge funding to 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 $1M in liquid assets or $8M average annual receipts (per SBA standards); and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits can be renewed on a basis determined by the Treasurer’s Office.
- Financial institutions will 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.
- Review the Illinois Small Business COVID-19 Relief Program flyer.
For application and updates, visit the Illinois Office of the State Treasurer website.
Visit our Economic Resources and Relief Guide to review nationwide and statewide opportunities for businesses, non-profits, and individuals.