Gov. Pat Quinn said the state will leverage $78 million in federal funding to help banks and other lending institutions as part of a new state initiative that will help small businesses get the financing they need to start up or expand, Crain’s Chicago Business reported on October 5, 2011. The initiative, called Advantage Illinois, will have Illinois’ Department of Commerce and Economic Opportunity enroll lending institutions.
Crain’s reported that lenders will provide financing to businesses by either “encouraging banks to give loans to business that do not qualify for conventional loans, allowing the state to buy part of a loan for businesses and establishing accounts to provide collateral so businesses can get loans.”
With Illinois now intending to offer millions in funding to help businesses, do you find yourself wondering where the help for consumers is? Our Chicago bankruptcy lawyers understand that families all over Illinois are seeking any type of foreclosure help that will offer some debt relief as bills continue to mount. If you have been struggling through hard times, you should know that after a bankruptcy means test determines whether you should file for Chapter 7 or Chapter 13 bankruptcy, either choice could help eliminate or consolidate your debt, stop foreclosure and help you become debt free and credit rich. If you have additional questions about bankruptcy , contact our firm today to set up a consultation and take the first step to end creditor harassment. And if you have thoughts on the governor’s latest initiative to give more money to banks, our Chicago bankruptcy attorneys invite you to share your thoughts below.