Quincy Reporter

Adams County issued the following announcement on April 20.

Goals and Objectives

The state of Illinois is attempting to stop the spread of COVID-19 through self-isolation and social distancing. This is severely harming small businesses, which rely heavily on foot traffic. In an effort to assist small businesses, Adams County is establishing a $350,000 emergency low-interest loan fund to help bridge the gap to either longer term Small Business Administration (SBA) loans or commercially available loans.

Program Function

Qualifying small businesses located within the County, but outside the City of Quincy, are eligible for a Small Business Emergency Loan of up to $10,000 to help them get through these difficult times. The 18-month loan will have an interest rate of 1.0% annually. These loans will be offered on a first-come, first serve basis until all the funds are dispersed.

Funds can be used for:

Employee Wages and/or Benefits

Business-Related Supplies

Rent/Mortgage for Location of Business

Utilities for Location of Business

Insurance for Business

Funds cannot be used for:

Employer Wages and/or Benefits

Personal Expenses of Employer

Construction, Remodeling, or Renovations

Debt Incurred Prior to March 9, 2020, except for rent/mortgage payments. Debt incurred prior to March 9, 2020 may be approved by the committee if deemed necessary to the survival of the business.

Loan Terms

Loans must be secured by collateral sufficient to assure repayment of the loan. Acceptable security would include a mortgage on land and/or building. A personal guarantee from each major principal in the company is required.

Application Process

Applicants must print out the application form and email a signed copy to Bob Gough at bob.gough@trrcopo.org, or mail it to:

Bob Gough

Executive Director

Two Rivers Regional Council of Public Officials

107 North 3rd Street

Quincy, IL 62301

Click Here to Download the Application

Original source can be found here.