SPRINGFIELD, Ill. (WAND) – The City of Springfield and Justine Petersen have teamed up to provide $ 2 million in small business loans.
Specifically, the loans are designed for businesses in low income areas that hope to help minority-owned businesses.
Galen Gondolfi, communications director with Justine Petersen, said executives are committed to helping existing and new businesses in Springfield.
“It can also be a start-up or a business looking to expand as this program is not only aimed at recovering from the COVID virus, but also helping to rebuild the local economy,” said Petersen.
The Small Business Association and local banks have made $ 2 million available to those who cannot get a traditional loan.
Each loan will range from $ 10,000 to $ 50,000 with the goal of helping around 100 different businesses.
“This means we all want to make sure that the businesses that need it most have access to a safe and affordable capital. This can be minority-owned businesses, women-owned businesses and veteran-owned businesses. “said Gondolfi.
This is not the first loan program that has helped minority-owned businesses. Similar programs have helped people like business owner Ann Cowhisk.
“I was able to start my business, the business process right away,” Cowhisk said. “I was able to buy my saunas, then say let’s go on this space here, and then they could do the construction.”
Her loan will help her open a business she is passionate about called Peace, Love and Sweat. This is something she said wouldn’t 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 longer. I’m like, I know I want to do this and I want to do it now.”
Anyone can apply for these loans. You can do this by calling the City of Springfield directly or Justine Petersen.