Emergency Small Business Grants and Loans Program

Hospitality Emergency Grant Program

Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Eligibility requirements:

  • Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019.
  • Hotels with a valid license (hotels, motels other lodging establishments) and who generated revenues of less than $8 million in 2019.

If you wish to apply, please visit their website.

Illinois Small Business Emergency Loan Fund

Program Overview: 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 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.

Application is not available yet, interested applicants are required to fill out the interest form.

Downstate Small Business Stabilization Program

DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program.  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.

Eligibility requirements:

Local governments can apply on behalf of businesses with 50 employees or less. Only units of local government recognized by the Illinois Constitution and able to support economic development activities on a sufficient scale are eligible to apply for Economic Development grant funding.  This includes cities, villages, and counties.  Municipalities must not be a HUD direct Entitlement community or be located in an urban county that receives “entitlement” funds.  A map of eligible areas of the state can be accessed here, see “Staff Contact Information.”

For those interested in applying, you can submit an online application. Please note, only businesses in the eligible areas should work with their local governments to submit.

SBA Economic Injury Disaster Loan (EIDL)

Only federal loan available to Illinois residents. More details on the loan provided at the top of the page. For more info please visit IL 16370 – SBA Offers Disaster Assistance to Illinois Small Businesses Economically Impacted by the Coronavirus (COVID-19)

City of Chicago: Chicago Small Business Resiliency Fund

City sponsored loan program. For more information, please visit https://www.surveymonkey.com/r/COVID19Chicago