Illinois has approved 148,880 EIDL applications totaling $11,686,960,630 in SBA EIDL loans.
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports Illinois small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Illinois businesses.
Illinois SBA EIDL Program
Illinois small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Illinois’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Illinois.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Illinois can apply for Economic Injury Disaster Loans (EIDLs).
The Illinois loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in Illinois.
Illinois EIDL Increase Requests and Loan Modifications
For a complete SBA EIDL Illinois loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Illinois business qualifies for, please schedule a call with us directly.
In Illinois, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Illinois company.
Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in IL.
Did Your Illinois SBA Disaster Loan Get Denied?
If you’re an Illinois business owner whose Illinois EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.
The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.
You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Illinois business receives funds.
Illinois SBA Loan Consultant for EIDL Loans
Illinois SBA EIDL loans are one of the easiest ways for small business owners in Illinois to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current Illinois EIDL loan is set at 3.75%.
Also, Illinois EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.
For small businesses in Illinois, an SBA EIDL Illinois loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with IL tax credits.
Illinois Small Businesses in Need of EIDL Loan Increases or Reconsiderations
Illinois General Contractors
For general contractors in Illinois, construction contributed $30.9 billion (3.4%) of the state’s GDP of $897.1 billion. There were 706,000 construction firms in the U.S. in 2017, including 28,973 in Illinois.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.
Illinois Hotels and Hospitality Businesses
Owners of hotels in Illinois, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Illinois for 2021 is $599,125,416, which is down -80.2% due to the COVID pandemic and mandated shutdowns.
Illinois hotels generated $3,030,189,558 in 2019 when more people were traveling, which was +$2,431,064,142 more in revenue vs. 2021 Illinois Hospitality numbers.
Illinois Retail Stores
Illinois retail stores, monthly state retail sales are up 14.1% in 2021 over last year’s retail numbers for Illinois.
For Illinois restaurants, over 4,542 restaurant owners have received approval for $1,419,060,915 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.
The U.S. Small Business Administration (SBA) has awarded funding through the Illinois Restaurant Revitalization Program to Illinois restaurants, bars, and other similar places of business that serve food or drink in the State of Illinois (IL).
Conclusion and Summary for the EIDL Loan Approval Process in Illinois
Hiring an EIDL Loan Advisor in Illinois allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their Illinois business.
Does Your Illinois Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?
Did you already receive an Illinois SBA EIDL loan for your Illinois business?
We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Illinois.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Illinois.
Was Your Illinois SBA EIDL Loan Denied?
Has your Illinois SBA EIDL loan been denied for your IL business?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Illinois.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Illinois.
Cover Image Credit: 123RF.com / Baranq. / Disaster Loan Advisors.