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As a Business Owner, we know you and your business have unique needs. Amid the events surrounding COVID-19, those needs have likely increased or changed. CEFCU is here to help. If your business has been financially impacted by events surrounding COVID-19, there are many assistance options available.
We are working diligently to provide you with assistance for existing loans. Contact your Business Loan Officer to discuss your options, or speak to a Business Services Representative at 1.800.633.7077, ext. 37492, or email us at email@example.com.
Depending on where your business is headquartered, there are several state-funded programs being made available.
Illinois Small Business Emergency Loan Fund — through a partnership with the Illinois Department of Financial and Professional Regulations (IDFPR) and the Department of Commerce & Economic Opportunity (DCEO), low interest loans (3% APR) of up to $50,000 are available with loan terms up to five years and deferred payments for the first six months. To qualify, your business must have fewer than 50 employees and have earned revenue of less than $3 million in 2019. To apply, complete an interest form.
Downstate Illinois Small Business Stabilization Program — in support of small businesses in suburban and rural counties, business with up to 50 employees can partner with their local governments to obtain grants of up to $25,000 in working capital. Several restrictions do apply, including the following ineligible communities: Bloomington, Decatur, Normal, Pekin, Peoria, and Springfield. If you are interested in applying, you will need to work with your local government, as they will have to apply on your behalf. To learn more regarding this program, view the program details on the DCEO website.
The Governor’s Office of Business and Economic Development (GO-Biz) offers a number of resources for a wide variety of disasters, including loan programs for businesses with 750 or less employees and coverage for some loan defaults.
To see what programs are available in your state, check with your local Chamber of Commerce for more information.
A number of options are also available to Small Businesses at the Federal level:
Paycheck Protection Program (PPP) — one of several measures included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP is intended to help workers remain employed, and provides up to eight weeks of cash-flow assistance to employers who meet certain criteria during the COVID-19 pandemic. As a loan program, businesses who meet certain criteria during the defined period of time could qualify for loan forgiveness for some of the funds borrowed as part of this program. To apply, contact your Business Loan Officer or speak with a Business Services Representative at 1.800.633.7077, ext. 33898.
Economic Injury Disaster Loans (EIDL) — provides financial assistance to small businesses and most private non-profit organizations who have suffered economic injury as a result of a declared disaster. Loans are 3.75% APR for profit organizations, and 2.75% APR for non-profits with repayment terms up to 30 years. You can also choose to defer payments at the start of the loan and could be granted up to $25,000 unsecured. Repayment does apply, but there are no upfront fees or early payment penalties. To apply, visit the SBA’s Disaster Loan Assistance website.