State Farm provides $10 million for loan program to help Central Illinois small businesses

Posted on April 21, 2020
State Farm
With State Farm’s loan, LISC will establish a Small Business Rescue Fund that will enable loans to be distributed for urgent needs, including operational costs like paying employees, vendors, and rent. (WJBC file photo)

 

By Neil Doyle

BLOOMINGTON – State Farm announced its providing a $10 million low-cost loan to a program that will help Central Illinois small businesses and nonprofits during the coronavirus pandemic.

According to a news release Tuesday, State Farm will partner with the Local Initiative Support Corporation (LISC) to provide low-interest loans to minority-and women-owned businesses and nonprofits in vulnerable communities throughout Central Illinois.

With State Farm’s loan, LISC will establish a Small Business Rescue Fund that will enable loans to be distributed for urgent needs, including operational costs like paying employees, vendors, and rent.

The fund will target the following entities, which represent those most in need of capital infusion:

  • Women-, minority-, and veteran-led small businesses that provide vital goods, services, and jobs in communities most in danger of permanent closure
  • Nonprofit social enterprises with revenues of less than $5 million
  • Small Community Development Financial Institutions (CDFIs) with missions to support small businesses

“The partnership between State Farm and LISC could not have come at a better time. We have many great Federal and State resources to assist Central Illinois businesses impacted by COVID19. However, some businesses fall through the cracks”, said Bloomington-Normal EDC’s CEO Patrick Hoban. “The Small Business Rescue Fund is a great opportunity to help some of those who missed out on earlier funding opportunities.”

Neil Doyle can be reached at [email protected]

 

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