COVID-19 Funding Options for Small Businesses and Non-Profits
Whether you are a small business, organization, agricultural operation or a nonprofit, there are financial options available to you. In the ever-changing landscape of fund, grant and loan availability, we highly encourage you to contact your primary lender, the SBA or the Small Business Development Center to review your options.
If you experience a need or resource we have not added to this page, please feel free to reach out to us directly at 815.547.4252 or by email at firstname.lastname@example.org.
Available Funding Options
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
As part of SBA's debt relief efforts,
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.
815CRT partners are promoting three local funding streams through which eligible nonprofit organizations may apply:
- LEVEL I (for individuals/families) -- Natural Disaster Assistance & Family Crisis Funds
- LEVEL I (for nonprofits) -- Emerging Needs Fund
LEVEL II -- Recovery and Restoration Fund