Winnebago County’s COVID-19 Small Business Emergency Loan Fund

Here are the details for the COVID-19 Small Business Emergency Loan Fund in Winnebago County.

This pandemic not only has taken a toll on the health of the world, it has also struck the people financially. With "Shelter In Place" being mandated all over the country, most businesses have been forced to either shut down completely or change the way they service their customers. Either way, it has caused struggles for several local small businesses. The state and federal governments have pushed through legislation to assist but it will take time for it to arrive. In the meantime, there's local help available.

Check out my interview with Jeff Hultman, the CEO of Illinois Bank and Trust, where is discusses the COVID-19 Small Business Emergency Loan Fund for Winnebago County.

Video: Winnebago County COVID 19 Small Business Emergency Loan Fund

Press release information about the program...

"Illinois Bank & Trust is leading a group of regional banks in providing $2 million of emergency loans to area small businesses. The new “COVID-19 Small Business Emergency Loan Fund” money is provided by the Northern Illinois Community Development Corporation, a group of regional banks who joined forces one year ago to help small businesses and entrepreneurs in our region."

"Small businesses can apply for loans ranging from $5,000 to $50,000 which can be used for working capital and to make ends meet for small business owners, often while they wait for additional funding from the Small Business Administration Disaster Relief Fund program. This new COVID-19 fund is providing a bridge loan, so to speak, to help small businesses  immediately while they wait for funding to be approved by the SBA."

 To be considered a business must:

·        Operate in Winnebago County

·        Be a for-profit entity

·        Have less than 100 employees

·        Be experiencing a business interruption or cash flow issue due to COVID-19

·        Meet an average credit score of 650

·        Have one full year of operations or other financial information available

·        Have completed an application to the SBA COVID 19 Economic Disaster Loan Fund

 For more information or to apply for COVID-19 Small Business Emergency Loan Funds, contact John Phelps/Rockford Local Development Corporation at John@rldc.us or Andrew Jury/Rockford Local Development Corporation at Andrew@rldc.us or call 815-987-8675.

Please pass it on to anyone you know that needs assistance.

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