Available Loan Programs
- State funds will be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits can be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.
- Deposited funds facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits to be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
- Eligible Illinois businesses or non-profits must: (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards); and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits can be renewed on a basis determined by the Treasurer’s Office.
- Financial institutions will be required to provide reports to the Treasurer’s Office regarding the usage of program funds, including the number and types of loans provided and the economic impact of such loans.
Under the leadership of Governor JB Pritzker, DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
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 pay 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.
Loan funds must be used for working capital, and at least 50% of loans proceeds must be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave, and group healthcare benefits. Eligible uses will exclude compensation in excess of $100,000.
- Term and Interest Rate: Emergency Loan offered as five-year term loan at 3% annual interest, simple. Payments are deferred for six months, and fixed principal and interest payments will be due after initial deferral. Loan may be repaid early without penalty.
- Loan Amount: Borrowers may receive up to $50,000, with borrower loan amounts determined by average monthly revenues prior to COVID-19.
- Loan Uses: Loan funds must be used for working capital, and at least 50% of loan proceeds must be applied toward payroll or other eligible compensation, with a commitment to hire or retain at least 50% of a business workforce for six months.
- Businesses must have received less than $3 million in gross revenue in 2019 and employ fewer than 50 employees. Employee threshold will be based on average employment over the period of October 2019 to December 2019. Seasonal businesses may base employment on average from January 2019 to December 2019.
- Business has experienced at least a 25% decrease in revenues as a result of COVID-19.
- Business must be located in Illinois and provide proof of an Illinois business address and valid business license from an Illinois jurisdiction. Business have been in operations for at least one year.
- Please ensure ability to provide bank statements dating back to October 2019 and most recent tax returns.
- At this time, non-profits and farm business that would traditionally qualify under the USDA’s farm loan program are not eligible.
- For assistance with additional questions, please email CEO.Support@Illinois.gov.
How to Apply
DCEO is partnering with multiple lenders to provide access to the Small Business Emergency Loan Fund in your area.
To manage capacity of available lenders we recommend reaching out to lenders based on your location within Illinois:
- For businesses located north of I-74, Accion Serving Illinois and Indiana is the lending partner in your area. You can initiate an application with Accion here.
- For businesses located south of I-74, Justine PETERSEN is the lending partner in your area. You can iniatiate an application by reaching out to Galen Gondolfi for more information at 314.565.2223,
We expect high demand for this program, and once submitted, it will take time to process your application and receive a response. Lenders are reviewing applications as quickly as possible, and we are working to add additional lenders to the program. Please continue to check the DCEO website for an up to date listing of lenders and available programs.
The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. As a response to this challenge, the City of Chicago has established the $100 million Chicago Small Business Resiliency Fund (the Resiliency Fund), which will provide small businesses and non-profits with emergency cash flow during this health crisis. Funds will be provided to eligible businesses as low-interest loans.
The Resiliency Fund is structured to complement the new federal Paycheck Protection Program that the Small Business Administration (SBA) will launch shortly. The City and its partners will seek to provide all Resiliency Fund loan applicants with the best offer available, including from the SBA’s new program. All loan applications will be administered through lending partners, including Accion Serving Illinois and Indiana and the Community Reinvestment Fund, USA (CRF). The Fund continues to build partnerships with additional lenders to help provide loans to small businesses and non-profits all over Chicago.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
For affiliation rules applicable for the Paycheck Protection Program, click here.
The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program information is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register.