- Forgivable loans to small businesses up to $10 million to pay their employees during the COVID-19 crisis.
- Small businesses are able to apply now to cover expenses incurred between February 15, 2020 and June 30, 2020.
- Click here to view a list of approved SBA 7(a) lenders.
- Click here to view the application.
Due to high volume, apply between 7pm-7am or on the weekends.
- Loans up to $2 million.
- Funds fixed debts, payroll, accounts payable and other bills that can’t be paid.
- Interest rate for small businesses is 3.75%.
- Interest rate for non-profits is 2.75%.
- Visit the Small Business Association website to apply on-line.
SBA- Economic Injury Disaster Loan Power Point Presentation
*Click image to view presentation.
- DECO and IDFPR will offer a program that small businesses with fewer than 50 workers and less than $3 million in revenue in 2019 can apply to get a low interest loan up to $50,000.
- Businesses should complete and submit a statement of interest prior to April 1st.
- Eligible businesses will be invited to submit a full application beginning April 1st.
- Click here to complete a statement of interest.
- Immediate relief, automatically applied to all existing small business SBA 7(a) loans, 504 loans, and microloans.
- SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months.
For assistance with additional questions about applying for this program contact a participating local lender or the existing lender that issued the SBA loan.
April 8th at 3 p.m. - Topic: Rep. Casten to Discuss Federal Resources for Nonprofits REGISTER
April 9th at 4 p.m. - Topic: Rep. Casten to Discuss Federal Resources for Small Businesses REGISTER
April 16th at 12 p.m.- Topic: National Resources and Policy Updates for Small Businesses Impacted by COVID-19 REGISTER
April 28th at 12 p.m.-Topic: Marketing Advice to Combat an Economic Downturn REGISTER
May 7th at 1 p.m.- Topic: Navigating Long-Term Uncertainty and the Aftermath of Disruption REGISTER
I Shop Crystal Lake Local Efforts
The City’s I Shop Crystal Lake campaign helps support and communicate with businesses. If you are not yet on our email list, please sign up by calling (815) 356-3737 or emailing firstname.lastname@example.org. Please provide your business name, business address, phone number and email address.
Crystal Lake is working to provide information and resources that are available during these rapidly evolving and uncertain times. We will get through this together.
Small Business Resources
SCORE Fox Valley is a resource partner of the U.S. Small Business Administration (SBA) that has helped entrepreneurs and small business through free mentoring, local workshops, and free resources. Visit their website for more information on their programs.
Need help creating a Business Plan or Financial Plan duw to COVID-19? The Illinois Small Business Development Center (SBDC) can help. The SBDC is a service of the McHenry County Shah Center. To set up an appointment, call (815) 455-6098 and ask for the SBDC Manager.