Agency / Department: City of Chicago
Resource: Chicago Small Business Resiliency Fund
Details: As a response to this challenge, the City is establishing a $100 million Chicago Small Business Resiliency Fund, which will help to provide small businesses with emergency cash flow during this immediate health crisis. Funds will be provided to eligible businesses as low-interest loans.
The loan terms will follow the guidelines below:
1) Repayment Term: Low-interest loans for a term of up to five years.
2) Loan Amount: Up to $50,000 but sized based on revenues before the COVID-19 outbreak.
3) 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.