Sterling announces revolving loan for small businesses

Published: Apr. 7, 2020 at 7:39 AM CDT
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Sterling, Illinois has announced a $300,000 revolving loan fund to help small businesses in town stay afloat during the Covid-19 crisis.

Eligible businesses can apply for a loan of up to $10,000 to assist with rent or mortgage payments, utilities, employee retention, and other working capital needs.

Small businesses must be located within the corporate limits of the City of Sterling and have 25 or fewer employees, inclusive of the owner(s).

The first round of applications for review are due by 5pm on Monday, April 13. A tentative due date for a second round of applications is April 27at 5pm. Applications will be accepted until all loan funds are disbursed.

"We have made these funds easier to access than the other programs out there," said Sterling Mayor, Skip Lee. "We want to support the local businesses so they can keep their heads above water and help keep employees at work during this difficult time. We’re not waiting for the more complicated outside help to come assist our community.”

For further information, please contact:

Heather Sotelo

Executive Director, Greater Sterling Development Corporation


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