State Farm is providing a $10-million loan to help support central Illinois small businesses and nonprofits help pay for operational costs for paying employees, vendors and rent, according to a release by LISC.
The company provided the “low-cost loan” to Local Initiative Support Corporation to establish a Small Business Rescue Fund that will enable laons to be distributed to small businesses and nonprofits in areas such as Bloomington-Normal, Peoria, Decatur, Champaign-Urbana and Springfield.
The newly established fund will go towards organizations, “which represent those most in need of capitol 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
