- Office of the State Treasurer
- 300 West Jefferson St., 2nd Floor,
- Springfield, IL 67202
- Phone: (312) 814-8953 or (217) 782-2072
- Email: email@example.com
- Website: treasurer.il.gov/
Purpose of the Program
Serving in the Armed Forces takes sacrifice, but it shouldn’t mean the end of your small business. That’s why the Treasurer’s Office offers economic hardship loans to active duty Reserve Forces (National Guard and Reserves) whose businesses may suffer during their deployments or training.
Who is Eligible
The applicant must be either the owner or an essential employee of the business; applicant must provide a copy of their state or federal activation orders, and the activation must be for at least 90 consecutive days; applicant must show anticipated hardship expected as a result of their activation. Applicants can apply upon receiving their orders before any loss actually occurs or while they are activated; applicant must provide a brief explanation as to why conventional loan financing is not adequate and why an Employ Illinois loan is necessary.
How to Apply:
- Contact the Treasurer’s Office for an overview of the program; 2. Apply for a loan at a participating financial institution and agree to use the Employ Illinois program; 3. Complete the Reserve Forces loan application and forward your application package, including all required documentation, to the Treasurer’s Office. Your financial institution will provide the application and forward it on your behalf; 4. Your financial institution must submit a completed application for deposit. Please contact the Treasurer’s Office before completing this application. The contact information is listed on the application; 5. The Treasurer’s Loan Committee will review your application for approval. The committee meets twice monthly.
If you have questions or need more information, e-mail firstname.lastname@example.org or
call (312) 814-8953.
Availability of Funds
Amounts and Terms:
Borrowers can receive loans for up to $250,000;
The below-market interest rate is available for two years with the possibility of a three-year extension; the Treasurer’s Office may require a site visit prior to approval.
How Funds are to be used
Employ Illinois loans provide low-interest access to capital to hire employees, make capital improvements or pursue other avenues that will lead to business survival.
Types of Assistance