State Treasurer Mike Frerichs has announced his office is increasing to $500-million dollars the amount of money available to small businesses. The money is for low-interest bridge loans to help employers navigate the COVID-19 pandemic.
Frerichs says he decided to boost the amount because nearly all of the initial $250-million dollars he made available in March has already been committed to financial institutions throughout the state. Frerichs has the sole authority to make the money available through the linked deposit program, which has been a core function of the Illinois Treasurers Office since 1983.
‘’People are hurting and they need help now,’’ said Frerichs. ‘’We can move faster than the federal government because we already have the authority to facilitate the loans,’’ he added. ‘’We need to push this money into the hands of small business owners because we know that it is easier to ramp-up a business that is struggling than a business that has shuttered.’’
