New Program to Create Jobs, and Hopefully Homeowners, in Illinois

December 09, 2010

Everyone knows that the answer to healing the Chicago real estate market is a healthy employment rate.

Illinois’ unemployment rate has consistently hovered over the national average. Too many homeowners have lost their jobs or have become underemployed, resulting in the loss of their homes. People aren’t buying homes because their lack of job security makes an investment of that magnitude too scary.

In turn, because of the poor economy, small businesses are having trouble getting traditional loans through banks to expand or start-up.

It’s a vicious circle. But now Illinois is providing a solution.

The Illinois Department of Commerce and Economic Opportunity has created a new program that will provide $5 million to small businesses in Illinois to create jobs.

Illinois economic director Warren Ribley unveiled the Community Development Fund program on Wednesday in Chicago.

You're hired on a keyboard with a thumbs up.Under the micro-lending program:

*New small businesses can apply for loans up to $50,000

*Established businesses can apply for loans up to $75,000

Ribley said the primary funding source is federal dollars; some of it is federal disaster relief money from the floods of 2008.

The program will run until funds are exhausted, so if you are a small business, or want to be a small business, apply as soon as possible to one of the lenders involved in the program:

*ACCION Chicago

*Chicago Community Ventures

*Women’s Business Development Center

It’s time to create more local jobs, which will create more homeowners, which will make the Chicago real estate market a happier place in which to live.

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