COVID-19 Loan Program

Revolving Loan Fund for Covid-19 Affected Businesses

The City of Sterling’s Industrial Development Commission (SIDC), along with our partners at the Greater Sterling Development Corp. (GSDC), Sterling Main Street and the Sauk Valley Area Chamber of Commerce, are pleased to announce a $300,000 Revolving Loan Fund for COVID-19 Relief to provide more immediate relief to our local small businesses.

Eligible small businesses can apply for a loan of up to $10,000 to assist with rent or mortgage payments, utilities, employee retention and other working capital needs.  These loans carry a 3-year term at just 1% interest. The first year of the loan, borrowers are only required to make interest payments.  Eligible small businesses must be located within the corporate limits of the City of Sterling and have 25 or fewer employees, inclusive of the owner(s).  

Please download the Administrative Guidelines here.

Link to Application

A copy of the Press Release is available here. 

For further information, please contact:
Heather Sotelo
Executive Director, Greater Sterling Development Corporation
815-625-5255
hsotelo@sterlingdevelopment.org