Illinois small businesses get a lifeline with grants and loans, but will it be enough
Illinois small businesses get a lifeline with grants and loans, but will it be enough to withstand coronavirus?By Corilyn Shropshire | Chicago Tribune | March 26, 2020
... Pritzker’s other initiatives include a $60 million fund to support low-interest loans of up to $50,000 each for small businesses outside Chicago, plus another $20 million in grants of up to $25,000 per business in rural and suburban areas of the state.
The loan program closely follows an initiative announced last week by Mayor Lori Lightfoot, which aims to help “neighborhood entrepreneurs" stay afloat with low-interest loans, also up to $50,000 per business.
Kate Jotzat, who runs Chroma K8 salon in the Budlong Woods neighborhood, is desperately awaiting government assistance. A couple weeks ago, she was booked two months out for appointments. Now, a week into the city’s stay-at-home mandate, she’s wondering how she’s going to keep her business open. READ MORE