Interview: Illinois Treasurer Mike Frerichs
The Illinois treasurer’s office is pumping more money into a state program meant to help small businesses during the COVID-19 pandemic.
The additional $250 million brings the total investment to $500 million. It works like this: The state invests part of its $13 billion portfolio in banks at below-market interest rates, with the idea that the banks will in turn offer low-interest bridge loans to small businesses hurt by the COVID-19 closures.
State Treasurer Mike Frerichs says its intended to complemnt other small business loan programs: “What we saw with the federal PPP program is there was a lot of uncertainty, a lack of information, and ultimately a lack of money.”
Guests: Illinois State Treasurer Mike Frerichs