Over the last two months, the City’s Community and Economic Development Department has awarded $15,000 each to 25 local businesses through its Microenterprise Loan Program. The department is now opening up another application period – September 14 -18 – for micro-enterprises, businesses with five or fewer employees.
The funding program will be offered to existing businesses in response to COVID-19 and allows for a $10,000 grant combined with a $15,000 business loan totaling $25,000 in working capital. Business owners must meet HUD’s low-to-moderate income thresholds to quality for the four-year, 0% loan with a 12-month deferred payment period.
Funding for this program is provided by the Community Development Block Grant, a federally funded program through HUD.
The City has scheduled webinars next week to provide business owners with more information. Each session will occur at 7 p.m.:
- Monday, September 14 – Webinar in English (https://www.eventbrite.com/x/cdbg-micro-enterprise-business-loan-program-city-of-rockford-tickets-120273351833)
- Tuesday, September 15 – Webinar in Spanish (https://www.eventbrite.com/x/rockfords-cdbg-micro-enterprise-business-loan-program-spanish-version-tickets-120387657725)
- Wednesday, September 16 – Webinar in Arabic (https://www.eventbrite.com/x/rockfords-cdbg-micro-enterprise-business-loan-program-arabic-version-tickets-120404397795)
To apply starting September 14, visit https://rockfordil.gov/preparing-for-covid-19/.
For more information, email businessfirst@rockfordil.gov.
