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Illinois

These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on August 24, 2020.

For more up-to-date information on the relief programs available in Illinois, we recommend that you visit the state's Coronavirus (COVID-19) Response portal.

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Description of Program and Relief

Low Rate Business Loans for Small Businesses through Business Invest

Description of Program and Relief

Through the Business Invest program, the Illinois State Treasurer has made up to $500 million in deposits available to banks and credit unions throughout Illinois, at near-zero rates, to provide loans to Illinois small businesses and non-profits affected by the COVID-19 pandemic. The loans will either be lower rate loans, or loans to businesses and non-profits that would not otherwise qualify, and may be used to provide bridge funding, or to pay fixed debts, payroll, accounts payable, and other bills.

Government or Lead Agency

Illinois State Treasurer

Dates Available

Available now

Eligibility Requirements/Restrictions

Information on eligibility requirements can be found here. Illinois businesses and non-profits must (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (unless an exception is granted); and (3) be headquartered in Illinois or agree to use the funds in Illinois.

Application Deadlines (If Applicable)

N/A

Contact for More Information

217-558-6217

investinillinois@illinoistreasurer.gov

List of Additional Information

For additional information, visit here, here, and here.

To apply, contact one of the participating financial institutions listed here.


© 2020 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.

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