LISC Central Illinois closed today a loan with a small business in Bloomington thanks to the State Farm Small Business Rescue Fund. This $100,000 working capital loan will help the small business with restructuring pre-pandemic debt, lowering monthly payments that were previously difficult to meet give the lost revenue due to COVID-19. The business in question runs a local restaurant as well as a catering company, both of which saw mandated closures and a steep decline in revenues in 2020 as the service industry was forced to close dining rooms and special events were put on hold. This loan would not have been possible without the support of State Farm Bank, who supplied funds to LISC to specifically support small businesses impacted by the pandemic.
To learn more about the Small Business Rescue fund, click here.
To learn more about State Farm, click here.