The Business Invest - Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer has made up to $500 million in deposits available to banks and credit unions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
Through this program, the Treasurer's Office partners with approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify -- to Illinois small businesses impacted by the COVID-19 pandemic.
This program is no longer available as of January 2023. Thank you.
- State funds will be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits can be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution, unless an exception is granted by the Treasurer.
- Deposited funds facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits to be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
- Eligible Illinois businesses or non-profits must: (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards), unless an exception is granted by the Treasurer; and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits can be renewed on a basis determined by the Treasurer’s Office.
- Financial institutions will be required to provide reports to the Treasurer's Office regarding the usage of program funds, including the number and types of loans provided and the economic impact of such loans.
Click here to download and share the Small Business COVID-19 Relief Program Flyer.
Small Businesses and Not-for-Profit Organizations:
Through the Illinois Small - Business COVID-19 Relief Program, the Treasurer's Office partners with approved financial institutions to provide loans- either lower rate loans, or loans to a businesses or non-profits that would not otherwise qualify- to Illinois small businesses impacted by the COVID-19 pandemic.
To find an active list of financial institutions participating in the Illinois Small - Business COVID-19 Relief Program, click here.
Financial Institutions:
How to Apply
Step 1: Become an Approved Program Depository
To participate in Business Invest – Illinois Small Business COVID-19 Relief Program, financial institutions must be or apply to become an approved program depository with the Treasurer's Office. For more information and request forms to become an approved depository, please visit:
• Become an Approved Program Depository
Step 2: Review Eligibility and Submit Application
Approved depositories (see Step 1) seeking to determine their eligibility and apply for funds under the Business Invest – Illinois Small Business COVID-19 Relief Program must review the terms and conditions and submit the following application with their funds request:
• Business Invest - Illinois Small Business COVID-19 Relief Program Application, click here.
Step 3: Borrower Certification Forms
Once the depository institution is approved to participate in the Business Invest - Illinois Small Business COVID-19 Relief Program and is allocated a commitment of funds (see Step 2), the financial institution must obtain the Certification Form below from each borrower and maintain it with their borrower loan files/documentation.
- Business Invest - Illinois Small Business COVID-19 Relief Program Borrower Certification Form, click here.
Step 4: Supplemental Funding Request and Required Metrics Form
All funds committed to financial institutions may not be immediately disbursed. Supplemental and incremental funding requests may be made by submitting the following documents:
- Business Invest - Illinois Small Business COVID-19 Relief Program Supplemental Funding Form, click here: AND
- Business Invest - Illinois Small Business COVID-19 Relief Program Economic Development Metrics Form, click here.
- (Optional) Business Invest - Illinois Small Business COVID-19 Relief Program Economic Development Metrics Spreadsheet, click here.
Daily Rates
Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates for Business Invest – Illinois Small Business COVID-19 Relief Program.
Contact Us
Should you have any questions, please contact the Invest in Illinois team at (217) 558-6217 or email investinillinois@illinoistreasurer.gov.