SPRINGFIELD (WREX) — Illinois small companies can faucet into $250 million in low-interest bridge loans as quickly as this week to assist push via the COVID-19 pandemic, Illinois State Treasurer Michael Frerichs stated Monday.
The state treasurer’s workplace will make $250 million out there to Illinois banks and credit score unions that want to take part. The monetary establishments will decide who’s eligible for the loans.
The linked-deposit loans have been used for many years. Essentially the most extensively recognized linked deposit is Ag Make investments, which helps farmers with annual and lengthy‑time period loans for use for working prices, gear purchases, livestock purchases, and construction-related bills.
Established in 1983, Ag Make investments has supplied greater than $four billion in loans.
Different linked-deposit fashions embody efforts to help staff impacted by a authorities shutdown; religion‑primarily based organizations looking for facility enhancements; and the authorized hashish trade.
For extra concerning the Illinois Small Enterprise COVID-19 Aid Program, CLICK HERE.