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Resources for Businesses Impacted by COVID-19

Village Resources

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Business Assistance Loan Program

  • The Village of Oak Park has created a Business Assistance Loan Program using $550,000 in federal CARES Act Community Development Block Grant funds. The program is focused on helping small Oak Park businesses that have been negatively impacted by the outbreak of the COVID-19 coronavirus.

  • Loan applications may be submitted electronically to Business@oak-park.us beginning at 9 a.m., Tues., July 28.

  • Applications will be considered on a first-come first-served basis.

State Resources

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Dept of Commerce & Economic Opportunity

  • The State of IL does not currently have any open/active funding sources for COVID Response.

  • Any new opportunities will be posted and updated here.

  • Click the link above to be directed to the DCEO website for more info on past programs, and more info on webinars/business technical assistance offered by the State of IL.

Federal Resources

Economic Injury Disaster Loan (EIDL)

  • EIDL loans are low-interest (3.75% for businesses), long-term (30 year fixed term) loans given by the government as part of their disaster-relief response.

  • These loans are NOT forgivable like PPP loans are, but carry a low monthly payment for minimal cash flow impact due to the generous terms outlined above

  • Loan payments automatically deferred for One year after funding

  • Collateral may be required, and this is a standard loan process that can take some time to go through.

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