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Building Entrepreneurial Communities

Understanding low-interest loans: SBA Disaster Assistance

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UPDATE:  The State of Illinois has received a federal disaster designation, allowing Illinois businesses affected by the coronavirus crisis to apply for low-interest loans from the US Small Business Administration. SBA’s “Economic Injury Disaster Loans” offers up to $2 million in assistance.

The Illinois SBA is hosting a webinar that covers eligibility requirements, use of proceeds, terms, and filing requirements. Pick one of these times that fits your schedule and register. More options may be added later:

Your local Illinois SBDC will be providing technical assistance.  Find your local Illinois SBDC and scroll down to the link where you’ll enter your zip code.

Pam Schallhorn is a University of Illinois Extension Specialist in Community and Economic Development specializing in small business development and entrepreneurship. Previously, she was a Vice President of Commercial Lending for several banks and served as the Director of the Small Business Development Center in Rockford. She holds a bachelor’s in finance and a master’s in political studies. Her office is in Springfield. Email Pam