SPRINGFIELD (WEEK) -- The Illinois state treasurer said he is making $250 million available for low-interest bridge loans to qualifying small businesses and nonprofits that have been affected by the novel coronavirus (COVID-19) pandemic.
The funds will be deposited into banks and credit unions that are wanting to participate in the Small Business COVID-19 Relief Program starting as early as this week, state Treasurer Michael Frerichs said in a statement Monday.
Loans from the banks and credit unions would then be made available to small businesses at an interest rate of no more than 4.75%, according to the program's website.
Businesses and non-profits will have to meet the following qualifying measures to receive the loan:
- Have been shut down or limited due to the novel coronavirus pandemic
- Have less than $1 million in liquid assets or $8 million average annual receipts
- Be headquartered in Illinois or agree to use the funds in Illinois
“We can move faster than the federal government and its partners because we are not slowed by the partisanship that overshadows such efforts,” Frerichs said in the statement. “Part of ensuring the health and well-being of our residents includes making sure small-business owners stay solvent so their workers can be paid.”
Information how to apply for the loan can be found here, or by calling 217-558-6217.