The Women’s Business Development Center is offering microloans for start-ups and established small businesses based in Illinois. The loan program, which starts this month until funding runs out, was created in response to the credit crunch that has constrained small business development.
Newly formed businesses can apply for loans up to $50,000, while the limit for established businesses is $75,000. The loans carry a maximum fixed rate of 10 percent up to a five-year maturity and amortization, the WBDC said. Funding for the loan program, which is sponsored by the Illinois Department of Commerce and Economic Opportunity, comes from the state’s Neighborhood Recovery Initiative. The WBDC is working with several community business partners, including Chatham Business Association, South East Chicago Commission, Uptown United Little Village Chamber of Commerce and the Pilsen Alliance and the Rogers Park Business Alliance to provide technical assistance.
Interested businesses can apply online. They will need to supply a business plan, current income statement and balance sheet, cash flow and profit and loss projections and business and personal tax returns. For more information, contact the Women’s Business Development Center at http://www.wbdc.org or call 312-853-3477, ext. 670.