Black-owned businesses face uphill battle for funding

Black Local and National News

by Staff 63 Views

Businesses throughout Will County are preparing to reopen Friday under Phase 3 of Gov. J.B Pritzker’s Restore Illinois Plan and some of those businesses stayed afloat through the pandemic crisis by receiving loans from various federal and state stimulus packages. That financial assistance came through banks. Not all businesses, however, receive that financial help. This was the reality for many black-owned businesses in Illinois, according to Larry Ivory President and CEO of the Illinois State Black Chamber of Commerce, which has approximately 3,000 members throughout Illinois and an estimated 200 to 300 in Will County. This is especially true, he said, of the Paycheck Protection Program (PPP) offered through the Small Business Administration.