Financial relief for Rockford small business owners

Local News

ROCKFORD, Ill. (WTVO) — Small businesses struggling to recover from the pandemic may get additional relief from the City of Rockford.

Over the last year, the “Community and Economic Development Department” has awarded $15,000 loans to businesses with five or fewer employees. In total, the city handed out $930,000 in micro-enterprise loans to qualifying companies.

Since many recipients still face financial difficulties, Mayor Tom McNamara wants Aldermen to do more.

“We are asking our city council to forgive those loans, just to wipe them off the books so that those small businesses that are continuing to struggle, they don’t have to make any payments back to the city,” McNamara said.

Funding for the micro-enterprise loans comes from the “Community Development Block Grant,” which is a federally funded program through HUD.

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