Springfield, IL - Illinois Treasurer Michael Frerichs is helping small businesses and nonprofit organizations access low-interest bridge loans this week. The Treasurer is making $250 million available to local banks and credit unions to help struggling businesses during the coronavirus pandemic.
Frerichs says the loans will be available at an interest rate no higher than 4.75%. He knows many business owners don't know how they will survive this closing period without assistance.
"That really got us going and reaching out to community banks and credit unions to see what it is we could do to help keep them afloat so that when they are able to reopen their doors, they'll still be able to pay their employees and really help our downstate economy," Frerichs added.
In order to apply, the Illinois small business or nonprofit has to be shut down or limited due to the coronavirus pandemic and have less than $1 million in liquid assets or less than $8 million in average annual receipts.
“We can move faster than the federal government and its partners because we are not slowed by the partisanship that overshadows such efforts. Part of ensuring the health and well-being of our residents includes making sure small-business owners stay solvent so their workers can be paid," explained Frerichs.
Information how to apply for the loan can be found here, or by calling 217-558-6217.