SBA Opens Disaster Loans for Lake County Businesses

SBA Opens Disaster Loans for Lake County Businesses

If you own a small business, run a private non-profit, or are self-employed in Lake County facing financial hardship due to coronavirus (COVID-19), the U.S. Small Business Administration has been authorized to start making low-interest disaster loans available.

Gov. Pritzker announced today that the U.S. Small Business Administration (SBA) has approved the state’s eligibility for disaster assistance loans for small businesses facing financial hardship in all 102 Illinois counties due to COVID-19. Eligible businesses can apply for up to $2 million in low-interest loans.

Applicants may apply online, receive additional disaster assistance information and download applications on the SBA website. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Local assistance can be found here and additional information regarding the program can also be found on the SBA’s coronavirus small business guidance loan resources web page.

United Way of Lake County Launches COVID-19 Relief Fund

United Way of Lake County Launches COVID-19 Relief Fund

United Way of Lake County, Lake County Government, Lake County Community Foundation, and the Lake County Municipal League have joined together to create the Lake County COVID-19 Community Response Fund.

Hosted and administered by United Way of Lake County, the Lake County COVID-19 Community Response Fund will support local nonprofit organizations serving Lake County’s most vulnerable neighbors. The fund unites monies raised by Lake County philanthropies, corporations, and individuals to be disbursed to nonprofit organizations serving on the front lines of the COVID-19 pandemic, providing urgent resources for Lake County most at-risk neighbors.

“We know how important our nonprofit agencies are to the people of Lake County. They are there for all of us, particularly our most vulnerable, every day and especially in times of crisis. By giving to this fund, we ensure that the volunteers and experts remain on the front line, protecting our residents and providing critical services.” said Lake County Board Chair Sandy Hart.

Grant funding will focus on critical needs, such as food security and basic supplies, rental and utility assistance, access to health care and prescriptions, and emerging emergency needs identified real time through the 211 information and referral helpline.

“We have never known a time more important than now to come together to support the critical needs of Lake County,” said Kristi Long, President and CEO of United Way of Lake County. “The COVID-19 Community Response Fund was created to move resources quickly and provide much needed support for local nonprofit social services organizations addressing the community’s greatest needs during this challenging time.”

Donations to the Lake County COVID-19 Community Response Fund can be made by visiting LIVEUNITEDlakecounty.org/covid19. To pay by check, make checks payable to United Way of Lake County and note “COVID-19 Community Response Fund”, 330 S. Greenleaf Street, Gurnee, IL 60031.

ABOUT UNITED WAY OF LAKE COUNTY

United Way of Lake County’s mission is to unite leadership and resources to create lasting change that will improve lives in Lake County, Illinois. United Way recently launched 211, a free, confidential, 24-hour information and referral helpline, providing personalized help guiding individuals and families in Lake County to available health and human services.

Through the support of our partners and supporters, we are transforming communities by delivering programs and services that are timely, effective and scalable, with results we can measure. For more information, visit LIVEUNITEDlakecounty.org.