ROCKFORD, Ill. – As part of his efforts to support local businesses, state Rep. Dave Vella, D-Rockford, is backing legislation that reestablishes the Small Business Emergency Loan Program, which provides low-interest loans of up to $50,000 to small businesses.
“After the difficulties that many small businesses have had to face over the past couple years, it is critical that we are doing everything we can to help them get back on their feet,” said Vella. “With many small businesses struggling to gain access to credit, the Small Business Emergency Loan Program will be a great way for business owners throughout Illinois to get an affordable loan to grow their business or get them through tough times without having to close their doors for good.”
The Small Business Emergency Loan Program was created during the COVID-19 pandemic to provide relief to small businesses, but was discontinued after the creation of other programs. To ensure that every tool is being used to support small businesses, Vella is co-sponsoring House Bill 5274, which reestablishes the Small Business Emergency Loan Program.
Since entering the General Assembly, Vella worked to provide support to small businesses. He worked to create the Back to Business Grant Program, which provided funds to the small businesses that were hit hardest during the COVID-19 pandemic. In addition, Vella also helped pass legislation providing tax cuts to many businesses by allowing them to avoid the State and Local Tax (SALT) deduction cap.
“In order to help get our local economy back on track, we must ensure that our small businesses have the support they need to keep their doors open,” said Vella. “Small businesses are an irreplaceable piece of our community, and I look forward to continuing to work to ensure they are getting the resources they need to keep serving our area for years to come.”