CHICAGO – State Senator Robert Martwick encouraged area restaurants, hotels and other small businesses to take advantage of state emergency assistance programs.
“So many small businesses are struggling, and I want them to know that help is available,” Martwick said. “We need to do everything we can to make sure that the backbone of our local economy makes it through this pandemic.”
Small business owners in Chicago will be able to take advantage of 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 and gross revenues of less than $3 million in 2019 that have suffered more than a 25% revenue decrease due to COVID-19 will be eligible to apply.
For businesses outside of Chicago, Gov. JB Pritzker has created the Illinois Small Business Emergency Loan Fund, a $60 million program to provide low-interest loans of up to $50,000.
Loan recipients will owe nothing for six months and will then begin making fixed payments at 3% interest for the remainder of a five-year loan term.
Applications for both loan programs are currently being accepted.