Recently Department of Commerce and Economic Opportunity director Warren Ribley announced $5 million in micro lending opportunities to help small business through the recession.

According to the press release, the fund is a revolving loan program funded through the federal "IKE" Disaster Recovery program and from DCEO's revolving loan portfolio under the High Growth and Emerging Small Business Loan Program. Microloans through the Fund can be utilized for a variety of start-up and operational costs. Newly formed business can apply for loans up to $50,000, while the limit for established businesses is $75,000. Loans originated will have a maximum fixed interest rate of 10 percent up to five years. The program will begin immediately and will run until funds are exhausted. Interested small businesses should apply directly to one of the lenders.

If you are a small business owner or are thinking about starting your own small business, I encourage you to apply today.

The Illinois CPA Society has announced that they will again be offering free tax preparation to active duty military members and their families throughout the state. The project is done in partnership with the Internal Revenue Service and matches families with local volunteer CPAs.

According to the the Illinois CPA Society, the program is offered year-round and available to members of the Armed Forces who have recently returned or are still serving in a combat zone or qualified hazardous duty area. Volunteer CPAs help military families take full advantage of the unique tax benefits, exclusions and filing extensions available to them.

The program is funded by the Military Service Tax Preparation Project and is easy to obtain as long as you fit the following criteria:

• Be an Illinois resident; and

• Be a member of the U.S. Armed Forces having served in a combat zone or qualified hazardous duty area within the 2010 tax calendar year; and

• Be a member of the U.S. Armed Forces serving in a contingency operation.

Family members can request assistance on behalf of the military personnel.

For more information please visit my district office, visit the Illinois CPA Society’s website, www.icpas.org, or contact Jill Wiles Wolf, Public Service Manager, at 800=993-0407, extension 277 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..