State Farm and the Local Initiative Support Corporation are partnering to assist small businesses in Central Illinois.
LISC and State Farm announced today the Rescue Central Illinois Small Businesses and Non-Profits Fund, in an effort to help both to work through the economic fallout from the COVID-19 pandemic.
In the partnership State Farm is providing a $10 million low-cost loan to LISC, helping the Central Illinois area
Officials said today, with State Farm’s loan, LISC will establish a Small Business Rescue Fund intended to enable loans to be distributed to small businesses and nonprofit social enterprises for urgent needs, including operational costs like paying employees, vendors, and rent.
The fund is targeted to assist women, minority, and veteran-led small businesses that provide vital goods, services, and jobs in communities most in danger of permanent closure, Nonprofit social enterprises with revenues of less than $5 million and Small Community Development Financial Institutions (CDFIs) with missions to support small businesses.
For more information, contact: Karen Davis, Executive Director, LISC Central Illinois, Kdavis@lisc.org.