Rockford Mayor Tom McNamara announced on Wednesday the creation of the COVID-19 Small Business Emergency Loan Fund. The loan fund, established by the Northern Illinois Community Development Corporation and managed by the Rockford Local Development Corporation, is funded by the City of Rockford, Winnebago County, Illinois Bank & Trust, Associated Bank, WinTrust, Midwest Community Bank, Blackhawk Bank, Northwest Bank, Stillman BancCorp and Sunil Puri.
According to a news release, $2 million has been raised with other financial institutions committing to support the fund.
The release says many small businesses have suffered a devastating economic impact due to COVID-19.
These loans, available from $5,000 to $50,000, can be used for working capital and to help make ends meet during this critical time. The loans are intended to help while small businesses look for funding from the Small Business Administration Disaster Relief Fund program.
To be eligible businesses must:
-Be for-profit entities
-Have less than 100 employees
-Be experiencing a business interruption or cash flow issue due to COVID-19
-Meet an average credit score
-Have full year of operations or other financial information
For more information on the COVID-19 Small Business Emergency Loan Fund you may contact John Phelps at John@rldc.us or Andrew Jury at Andrew@rldc.us or call 815-987-8675.