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New Grant and Loan Programs for Small Businesses

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2 months 4 days ago - 2 months 4 days ago #1 by Justin Kerr
Illinois 1st District State Senator Tony Munoz has announced a new state grants and loans program to support small business:

Munoz announces new loan and grant programs for small business owners

SPRINGFIELD – Small businesses in need of relief are invited to apply for two new emergency assistance programs, Assistant Majority Leader Tony Munoz (D-Chicago) announced Thursday.

“My district is home to many small businesses that embody the cultural diversity and pride of our city and state,” Munoz said. “The COVID-19 outbreak has forced many of them to close, and we need to invest in them to preserve the economy and identity of our local neighborhoods.”

To provide assistance to struggling small business owners, Mayor Lori Lightfoot unveiled the Chicago Small Business Resiliency Fund , a $100 million program that will support low-interest loans of up to $50,000 for small businesses in Chicago.

Businesses with fewer than 50 employees, have gross revenues of less than $3 million in 2019 and have suffered more than a 25% revenue decrease due to COVID-19 will be eligible to apply.

Additionally, Gov. JB Pritzker announced the Hospitality Emergency Grant Program. The program offers $14 million in grants to restaurants, bars, hotels and other hospitality businesses to help them make ends meet during the COVID-19 crisis. It will provide up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.

Grant funds can be used to compensate employees and pay rent, or to support new practices like expanded pick-up, delivery and sanitation.

“It’s heartbreaking to see a lot of businesses struggling to stay open or unsure if they will be able to reopen,” Munoz said. “I hope these programs can offer enough support to help them survive this unfortunate crisis.”

Applications for the Chicago Small Business Resiliency Fund will begin to be accepted on March 31, 2020. Businesses interested in applying for a loan should complete this interest form and they will hear from a representative as soon as possible.

The application period for the Hospitality Emergency Grant Program is open now and closes April 1 at 5 p.m. Businesses can find more information on the program here or apply here . A Spanish-language application is available here .

Last edit: 2 months 4 days ago by Justin Kerr.

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