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Posted on: March 20, 2020

SBA Loans Available

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All Illinois small businesses (according to SBA’s size standards) and private non-profits can now apply for loans of up to $2 million through the U.S. Small Business Administration’s Economic Injury Disaster Loan Program. If your businesses have been affected by the coronavirus pandemic, this program offers working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Your businesses may apply now at https://disasterloan.sba.gov/ela/

•    Economic Injury Disaster Loan Program FAQ

•    Daily Webinars will be available at www.sba.gov/il

•    Disaster loan information at https://disasterloan.sba.gov/ela/Information/Index

•    Information for small businesses affected by corona virus at www.sba.gov/coronavirus

•    All corona virus-related federal government resources: www.usa.gov/coronavirus

Find more information for small businesses affected by corona virus at www.sba.gov/coronavirus. Subscribe to email updates from SBA at bit.ly/SubscribeIL to stay up to date on SBA news and events. SBA resource partners (Illinois Small Business Development Centers, WBDC, SCORE, Veterans Business Outreach Center) stand ready to help. Go to www.sba.gov/local-assistance to find a counselor or mentor.

You can also email Illinois.do@sba.gov or call (312) 353-4528 (Chicago office) or (217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly. 


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