There are $220 million in loans available with the Advantage Illinois State Small Business Credit Initiative (SSBCI) 2.0 Program.
CARBONDALE, Ill. (WSIL) —More than $200 million is now available for small businesses in Illinois.
The Advantage Illinois State Small Business Credit Initiative 2.0 program is meant to give aid to people who would normally struggle with getting a small business loan.
Melissa Ray Roach, director of the Illinois Small Business Development Center at SIU, helps businesses connect with funding and resources like the Advantage Illinois program.
“It gives access to minorities in rural communities,” Ray Roach said.
Ray Roach says the Illinois Small Business Development Center in Carbondale believes it’s important to equip people with the right tools they need to be successful.
“We don’t give out the Advantage Illinois loans, but what we do is help businesses become more bank-ready: help with the business plans and the financial projections,” Ray Roach said.
The Illinois Advantage Loan is meant for socially and economically disadvantaged individuals and small businesses. Amiee Wigfall runs a photography business in Carbondale. She’s thought about applying to the program.
“Not everyone needs or wants a $50,000 loan or higher to get their business off the ground. Sometimes you just need a little cushion,” Wigfall said.
Wigfall started her business in 2012 and says there are a lot of chores with being a business owner.
“The biggest challenge for me personally is ensuring the consistent level of cash flow needed to expand in the ways that I want to expand,” Wigfall said.
Kurt Jones founded Dippin Dots with his family now. He started 40 Below Joe with his daughter and is working on it at SIU’s development center. He says The Advantage Loan will help startups.
“Well, that would be perfect for us because we’ve spent our own funds developing the concepts up to a certain point,” Jones said. “Now, when we’re ready to launch the company, there are all kinds of things to purchase, like freezers and products.”
Ray Roach says the development center will be going to several towns in Southern Illinois, including Golconda and Cairo, to talk about funding and programs available at the end of April in Carbondale.
