Rockford, Illinois News

Rockford announces second round of COVID-19 relief loans

ROCKFORD — The City of Rockford will offer another round of Community and Economic Development micro-enterprise loans this month.

Sept. 14-18, business owners with five or fewer employees  may apply for the program that allows for a $10,000 grant combined with a $15,000 business loan totaling $25,000 in working capital for businesses affected by COVID-19.

Business owners must meet HUD’s low-to-moderate income thresholds to quality for the four-year, 0-percent 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

Tuesday, September 15  – Webinar in Spanish

Wednesday, September 16 – Webinar in Arabic

To apply starting Sept. 14, visit the City of Rockford website.

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