Additional Financial Assistance Programs

  • LISC of Central Illinois - Small Business Rescue Fund:

    • The Local Initiatives Support Corporation (LISC) of Central Illinois created a fund that will enable both loans to be deployed to small businesses, nonprofits and CDFIs supporting small businesses for their most urgent needs, including operational costs like paying employees, vendors, and rent. The Fund will target the following entities:

      • Women, minority, and veteran-led small businesses that provide vital goods, services, and jobs in communities most in danger of permanent closure;

      • Nonprofit social enterprises with revenues of less than $5 million, and;

      • Smaller CDFIs with missions to support small businesses.

    • Loans will range from $75,000-$250,000 to rapidly inject working capital into businesses where they need it most, with real estate loans up to $500,000.

      • This product will be 2% Interest-Only for the initial 12 months, then principal & interest (up to 6.75%) for the remainder of term (up to 48 months).

      • Funds can be used for working capital, equipment, inventory, tenant improvements, real estate purchases, debt financing, etc..

      • Borrowers need to have been in operation for at least three years and must provide basic documentation such as tax returns and a plan of how proceeds will address the impact of     COVID-19.

    • Learn more about LISC of Central Illinois at their website: www.LISC.org/central-il

    • Learn more about the program requirements and submit an application via their website: https://www.lisc.org/central-il/covid-19/small-business-rescue-fund/

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Our SBDC is funded in part through a cooperative agreement with the the U.S. Small Business Administration, the Illinois Department of Commerce and Economic Opportunity, Illinois Wesleyan University, the City of Bloomington, and the Town of Normal. 

Small Busness Administration
Illinois Department of Commerce and Economc Opportunity
City of Bloomington, IL
Town of Normal, IL