Small Business Emergency Loan Program (SBE-LF)
Goals and Objectives
The state of Illinois is attempting to stop the spread of COVID-19 through self-isolation and social distancing. This is severely harming small businesses, which rely heavily on foot traffic. In an effort to assist small businesses, the city of Quincy is establishing a $500,000 emergency low-interest loan fund to help bridge the gap to either longer term Small Business Administration (SBA) loans or commercially available loans.
Qualifying small businesses located within the city of Quincy are eligible for a Small Business Emergency Loan of up to $10,000 to help them get through these difficult times. The 18-month loan will have an interest rate of 1.0% annually, compounded monthly. These loans will be offered on a first-come, first serve basis until all the funds are dispersed.
Funds can be used for:
- Employee Wages and/or Benefits
- Business-Related Supplies
- Rent/Mortgage for Location of Business
- Utilities for Location of Business
- Insurance for Business
Funds cannot be used for:
- Employer Wages and/or Benefits
- Personal Expenses of Employer
- Construction, Remodeling, or Renovations
- Debt Incurred Prior to March 9, 2020, except for rent/mortgage payments. Debt incurred prior to March 9, 2020 may be approved by the committee if deemed necessary to the survival of the business.
Loans must be secured by collateral sufficient to assure repayment of the loan. Acceptable security would include a mortgage on land and/or building. A personal guarantee from each major principal in the company is required.
Applicants must print out the application form and email a signed copy to Chuck Bevelheimer, Planning Director at P&D@quincyil.gov or mail it to:
City of Quincy
Planning & Development Department
706 Maine Street, 3rd Floor
Quincy, IL 62301