$2 million available in loans for Springfield businesses

Katie ArnoldJP In The News, News

From Wand 17.

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SPRINGFIELD, Ill. (WAND) – The City of Springfield and Justine Petersen have partnered to offer $2 million in loans for small businesses.

Specifically, the loans are designed for businesses in low income areas hoping to assist minority-owned businesses.

Chief Communications Officer with Justine Petersen, Galen Gondolfi, said leaders are committed to helping existing and new Springfield businesses.

“It can also be a startup business or a business looking to expand because this program is not to only help recover from the COVID virus, but also to help rebuild the local economy,” Petersen said.

The Small Business Association and local banks have made $2 million available for those who cannot get a traditional loan.

Each loan will range from $10,000 to $50,000 with a goal of helping a hundred different businesses.

“That means we’re all about making sure there is access to safe and affordable capitol for businesses most in need. That can be minority businesses, woman-owned businesses and veteran-owned businesses,” said Gondolfi.

This isn’t the first loan program that has helped minority-owned businesses. Similar programs have helped those like business owner Ann Cowhisk.

“I was able to start my business, the business process right away,” Cowhisk said. “I was able to purchase my saunas, then say let’s go on this space here, then they were able to do construction.”

Her loan will help her open a business she is passionate about called Peace, Love, and Sweat. That’s something she said would not be possible without Justine Petersen.

“Getting a small loan or just a loan in general is really, really helpful, especially for people who want to do what they love,” Petersen said. “I didn’t want to wait any more time. I’m like, I know I want to do this and I want to do it now.”

Anyone is eligible to apply for these loans. You can do that by calling the City of Springfield or Justine Petersen directly.