Applications are accepted in Elgin on a rolling basis until program funds are depleted.
Applications are accepted in Elgin on a rolling basis until program funds are depleted.
Emergency loan applications for state-funded human service agencies are now being accepted by the City of Elgin.
The emergency loan program has $425,000 in funds available to nonprofit agencies that serve Elgin residents.
Elgin's emergency loan program is helping fill the gap as the state continues to struggle with its budget impasse.
The zero-interest loans are available to 501(c)3 nonprofits that have a contract with the state of Illinois. The program requires documentation of the agency's invoices to the state, the state's delinquent payments and confirmation that a request was submitted to the state's Comptroller's Office asking for expedited payments. The agency must also show how the late payments are jeopardizing its operations in serving the city's residents.
The emergency loan program is mainly focusing on agencies that provide childcare, food, health care, mental health services and shelter. Any agency that fits the requirements will be considered for an emergency loan. There is no cap on the request, but with a limited amount of funds in the program, the program will consider the amount as well as the agency's eligibility. A decision on the loan will be made by a review committee, which will meet within two weeks of receiving the application.
To apply for a loan, go to the city's home page or contact Laura Valdez-Wilson at 847-931-6749 or valdezwilson_l@cityofelgin.org.
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