Due to the impact of COVID-19, Illinois businesses and non-profits are eligible to apply for financial assistance via the SBA Economic Injury Disaster Loan (EIDL) program, which provides low interest loans of up to $2M to businesses and private non-profits. These funds provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
These loans may be used to pay the following expenses that cannot be met because of the COVID-19 impact:
- fixed debts
- accounts payable
- other financial obligations for ordinary and necessary operating expenses
Information regarding the application process and required documents can be found on the SBA EIDL Loan Application Page.
How can First Mid help?
First Mid has a strong relationship with the Illinois SBA, which puts us in a position to assist our business customers through the loan process. Our commercial loan officers can help you:
- get answers to your loan questions
- navigate the necessary paperwork
First Mid is committed to helping local businesses and we encourage you to talk with a commercial lender in your area for assistance.