Applications Now Open for $ 100 Million Chicago Small Business Loans – NBC Chicago
The city of Chicago has officially opened applications for $ 100 million in low-interest loans for small businesses seeking help during the coronavirus pandemic.
Chicago Mayor Lori Lightfoot along with Treasurer Melissa Conyears-Ervin and the city’s Department of Business and Consumer Affairs announced the start of the application process for the program in a press release on Tuesday.
The loans are available through the Chicago Small Business Resiliency Fund and are aimed at helping businesses experiencing a temporary loss of income due to the coronavirus pandemic.
Loan applications are available to the city’s Resilience Fund website.
“These unprecedented times call for unprecedented measures. We know our business owners and entrepreneurs don’t have the luxury of waiting for federal support, which is why with the Chicago Small Business Resiliency Fund, we’re putting money directly into the hands of our small businesses. so they can weather this storm. “Lightfoot said in a statement.” When we support small businesses, we support their workers, who in turn help enhance the vibrancy of our neighborhoods and I want to thank our public and private partners who have helped make this relief is a reality. ”
The news comes the day Illinois Gov. JB Pritzker announced an extension of the state’s “stay at home” order, which will keep businesses deemed non-essential shut down until the end. April at least.
Five-year loans of up to $ 50,000, according to city officials, are available for businesses and nonprofits with annual revenues of less than $ 3 million that have experienced a decline in income. ‘at least 25% of their income due to the epidemic. Qualifying businesses must employ fewer than 50 employees, and at least 50 percent of all loans made must be earmarked for payroll.