WEST LOOP COMMUNITY ORGANIZATION: Applications To Chicago's $100M Small Business Resiliency Fund Close Tomorrow

West Loop Community Organization issued the following announcement on April 23.

The City of Chicago recognizes that coronavirus disease (COVID-19) has put a difficult burden on our small business community. As a response to this challenge, the City established a $100 million Chicago Small Business Resiliency Fund, which is helping to provide small businesses with emergency cashflow during this immediate health crisis. Funds will be provided to eligible businesses as low-interest loans. Applications to the Chicago Small Business Resiliency Fund will close tomorrow, Friday, April 24.

The City of Chicago is committed to providing Resiliency Fund loans to businesses from every industry, background, and community area in the City. Applications will be reviewed on a first come first serve basis, however the City will set aside a portion of the loan pool to ensure an equitable distribution of loans.

The loan terms will follow the guidelines below: 

• Repayment Term: Low-interest loans for a term of up to five years
• Loan Amount: Up to $50,000 but sized based on revenues before the COVID-19 outbreak
• Loan Proceeds: Proceeds are required to be used for working capital. At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels

To be eligible, businesses must meet the following requirements:

• Suffered more than 25% revenue decrease due to COVID-19
• Employ fewer than 50 employees and have gross revenues of less than $3 million in 2019
• Provide a City business address or City business license
• No pre-existing tax liens or legal judgments

In addition, please be prepared to provide the following information:

• Bank statements dating back to October 2019
• Your most recent tax return
• Photo ID (CityKey will be accepted)

Original source can be found here.