ROCKFORD (WREX) — The City of Rockford announces a new program to help small businesses out amid the outbreak of COVID-19.
The City of Rockford, along with Winnebago County, announced the creation of the COVID-19 Small Business Emergency Loan Fund.
The additional funds are set to help small businesses get through the next 60-90 days, which is when funding from the federal government is expected to arrive.
The fund was established by the Northern Illinois Community Development Corporation and will be managed by the Rockford Local Development Corporation.
The new program is funded by the City of Rockford, Winnebago County, Illinois Bank and Trust, Associated Bank, WinTrust, Midwest Community Bank, Blackhawk Bank, Northwest Bank, Stillman BancCorp and Sunil Puri.
To date, $2 million has been raised with other financial institutions to support the fund.
Loans available through the fund range from $5,000-$50,000 and can be used for working capital and to help make ends meet during the COVID-19 pandemic.
The fund is expected to operate as a financial bridge while small businesses await funding from the Small Business Administration Disaster Relief Fund.
To be eligible, businesses must meet the following requirements:
- Be for-profit entities
- Have less than 100 employees
- Be experiencing a business interruption or cash flow issue due to COVID-19.
- Met an average credit score
- Must have full year of operations or other financial information
For more information, you may contact John Phelps at John@rldc.us or Andrew Jury at Andrew@rldc.us or call at 815-987-8675.