Applications are open for the Community Recovery Fund through June 17
This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors in suburban Cook County. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders.
The application deadline is Wednesday, June 17, 2020 at 11:59 pm.
Who can apply?
Small Businesses are eligible if they are:
Employing 25 or fewer employees,
Earning less than $3 million in annual revenue,
Located in suburban Cook County, and
Revenues have decreased more than 25% as a result of COVID-19
Independent Contractors are eligible if you are:
Making at least half of your yearly income in 1099 contract work
Earning less than $100,000 annually
Residing in suburban Cook County
Currently, not-for-profits are not eligible for this program
What information is needed to apply?
Bank statements from October 2019 to Date of Application
Copy of Most Recently Filed Federal Tax Return
Copy of Most Recent Annual Financial Statements (only required if small business)
Photo ID of Independent Contractor or Business Owner – valid forms of identification consist of:
A driver’s license issued by the State of Illinois or any other State of the United States of America
An identification card issued by any State of the United States of America
Please contact Lycrecia Parks of the Chicago Community Loan Fund at firstname.lastname@example.org or (312) 788-2496 with additional questions about the loan fund or inquiries about the application process.