Small Business Loans Illinois – Existing small businesses looking to grow or new entrepreneurs can qualify for up to $80,000 in forgivable loans under the new program.
MOLINE, Ill. — If you run a small business in Molineore that you are looking to open, you can get between $10,000 and $80,000 from the city to help you grow your business.
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The city of Moline is developing a new program called B.O.O.S.T. which represents the evolution of stability taken by the business owner.
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The program will use $1.1 million and $500,000 in federal funding from the American Recovery Program Act (ARPA) to support the long-term growth of small businesses.
Companies can be located anywhere in Moline, but applicants have a better chance of being accepted and will make more money if they are located in the following areas:
“We’d like to fill some of these storefronts and just make a difference – revitalize our neighborhoods, create additional jobs, help existing businesses thrive and support new entrepreneurs,” said Moline Community Development Manager K.J. Whitley said.
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The program focuses on brick-and-mortar stores, but home-based businesses can be used if they meet zoning and tax regulations.
Organizers said B.O.O.S.T. program will give business owners the tools to succeed, so management workshops will be a mandatory part of the program.
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In Illinois, more than a third of PPP funds intended for small businesses went to large companies, which received $1 million. USD or more credits. Search the SBA list.
When the $659 billion wage protection program was launched in April, it was supposed to help small businesses survive months of disruption until the COVID-19 pandemic subsides.
Eight months later, the crisis continues, small businesses are still suffering, and the biggest recipients of forgivable PPP loans are publicly traded companies and giants that are closer to Wall Street than Main Street.
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More than a third of the nearly $23 billion Illinois businesses and nonprofits received through the federal program went to less than 2% of participants, according to data released Tuesday evening by the Small Business Administration.
Nearly 4,000 businesses in Illinois received $1 million. USD or more in loans, which is equal to 8.67 billion. USD or 38% of the total amount. In Illinois, the SBA has approved more than 221,000 loans, according to the agency.
The SBA released data under a court order in a federal lawsuit filed by news organizations and released the names and loan amounts of millions of eligible federal loan recipients.
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On July 31, 2019. Customers enjoy lunch at Potbelly’s outdoor location in the Chicago Loop. (Abel Uribe/Chicago Tribune)
The SBA previously released the names of more than 650,000 businesses nationwide that received PPP loans between $150,000 and $10 million (the maximum amount allowed under the program), but did not disclose the actual loan amount for larger borrowers or those who received smaller amounts.
The PPP provided forgivable loans of up to $10 million to companies with fewer than 500 employees, as long as at least 60% of the money was used for payments. The program was completed on August 8 and more than 5.2 million were approved. loans with a total of 525 billion
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The scheme, which is part of a larger package of aid for the corona virus, has come under fire after the bank was accused of favoring large customers over small businesses. The new data shows that while most Illinois borrowers received small loans (about 88% were under $150,000), most of those funds went to larger borrowers.
There were 36 companies in Illinois that raised $10 million, including publicly traded Chicago restaurant Potbelly, which returned its first $10 million in April under public pressure.
Other recipients of the $10 million loan include Alpha Baking in Chicago, MVP Staff in Deerfield, the American Academy of Pediatrics in Itasca and the Illinois Bone & Joint Institute in Des Plaines.
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The large list of recipients includes several high-profile Chicago-area companies, such as Jellyvision Lab in Chicago, which received $8.5 million in April. $51 to support the workplace. Mario Tricoci Hair Salon in Palatine received $9.9 million in April. USD PPP loan for 500 jobs.
Oberweis Dairy in North Aurora received $5.7 million in April, according to SBA data. USD 500 to support the work. Jim Oberweis, a Republican state senator who recently lost a close race against incumbent Democrat Lauren Underwood in the Northwest Township’s 14th District, is chairman of the family-owned dairy. .
The new list includes the names and addresses of nearly 194,000 Illinois small businesses, sole proprietorships and nonprofits that received less than $150,000 in PPP loans.
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Kelly Miller, right, in October 2013. to refund a customer at the Chicago Potbelly sandwich shop at 200 S. Michigan Ave. (Phil Velasquez/Chicago Tribune)
Recipients range from Encore Space Solutions, an East Dundee garage remodeling company that received a $149,999 loan in April, to a dozen recipients that received $100 or less, according to SBA data.
Small PPP loan recipients include many restaurants, lawyers, dentists, auto repair shops, and hair stylists, among a variety of other businesses.
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November A federal judge in Washington ordered the SBA to release information on all borrowers, including those who received loans of up to $150,000, after news organizations filed a Freedom of Information Act lawsuit.
“The important public interest in easy disclosure outweighs the narrower privacy interests of borrowers who collectively received billions of taxpayer dollars in loans,” a U.S. District Judge said. James Boasberg wrote in his decision of November 5. in judgment.
The new revelations bring more transparency to the program, which has been dogged by allegations of unfairness and fraud since its inception.
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349 billion of the original Congress approved 310 billion dollars, but the demand has decreased, so when the program ends on August 8. 130 billion dollars remain.
A House subcommittee on the coronavirus crisis issued a report in October that concluded the plan favored large, wealthy companies and “failed to prioritize small businesses in underserved markets, including businesses owned by a minority of women.”
Emilia DiMenco, president and CEO of the nonprofit Center for Women’s Business Development in Chicago, said there needs to be more targeted outreach to underserved communities to make it easier to get credit.
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“Traditional banks didn’t have enough relationships with those communities,” DiMenco said. “And those communities had no relationship with those banks.”
DiMenco, a retired banker, said the paperwork process scared off many small business owners who could have gotten the grant directly. The Women’s Business Center itself received a $569,357 PPP loan in April to support 35 employees.
September. A House subcommittee on the coronavirus crisis found that billions of dollars in PPP loans could have been diverted to “fraud, waste and abuse” because of SBA and Treasury oversight.
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The Justice Department has charged 88 people with alleged PPP loan fraud totaling more than $250 million across the country, including several cases involving Chicago connections. One of the celebrities, former Chicago Bears basketball player Josh Bellamy, was one of 11 people arrested in September and charged in federal court in Florida with allegedly embezzling more than $24 million. Fraudulent USD loans .
Two PPP fraud cases were filed in federal court in Chicago. August. Elgin restaurateur Melissa Turasky was accused of taking out more than $175,000 in loans for a restaurant that was already closed. Evanston business owner Rahul Shah was indicted in June on charges of falsifying information regarding his $441,000 loan application to technology company N2N Holdings.
Bill Phelan, founder and senior vice president of PayNet, a Skokie-based company that tracks small business loans for the credit industry, predicts that about 5% of PPP loans, or about $26 billion. The USD may eventually turn out to be deceptive.
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PayNet compared its large database of small business loan holders with data previously provided by the SBA, looking for anomalies such as multiple businesses at the same address and discrepancies with reported industry, number of employees and annual income.
Analyzing the new data will give PayNet more accurate predictions of potential fraud, Phelan said. One of those areas will be for loans that were under $150,000 and that Congress has considered forgiving.
“There’s a whole bunch of loans that are a few dollars under the $150,000 limit,” Phelan said. “It’s kind of curious.”
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Although loans are guaranteed by the SBA, borrowers must apply through lenders to have the full amount forgiven. SBA in October
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