Dear Business Partners,
We are alerting you to an important deadline tomorrow April 1, and sharing important
Financing Strategies to deal with the financial shortfall due to COVID-19.
First, try
grants
(free money). You might be eligible for a grant up to $50,000, but you must apply before April 1st through the IL Hospitality Grant Program. You might also consider grants through Facebook and/or LISC (new) and can sign up to receive notices as their applications become available.
Second, go after
forgivable loans
(starts as a loan then converts to a grant). The Federal Paycheck Protection Program is such a program. Take out a loan for 2.5 times your monthly payroll, and get 8 weeks of working capital (payroll, rent, utilities) forgiven. If a balance remains, the loan would be 10 years, 4% loan with deferred payments from 6 to 12 months. Applications are not yet available, but you can start by contacting a bank approved as an SBA-7a lender.
Third, go after
attractive loans
(low-interest, long-term loans, with quick turnaround). While it's hard to get all these features in one loan, the SBA Economic Injury Disaster Loan and the IL Small Business Emergency Loan have some of these features. Also contact your banker for a quick turnaround loan.
Lastly, go to the
City's webpage
for information on the programs above, and encourage other business owners visit our webpage and sign-up for Business Notices
here.
We look forward to learning how we can better serve you in Combating COVID-19. Please contact us at 309-494-8640 or
economic.development@peoriagov.org
for any assistance. We and our partners will do our best to address the challenges you are facing.
Respectfully,
Cesar Suarez
Cesar J. Suarez
Senior Development Specialist
309-494-8645
