*UPDATE April 24, 2020*

The application window for the Chicago Small Business Resiliency Fund is now closed. Please visit the SomerCor COVID-19 Resource Page for information on additional financing and grant opportunities for small businesses.

On March 19th, Mayor Lori Lightfoot announced the launch of the Chicago Small Business Resiliency Fund. This is a new $100 million economic relief package to support Chicago’s small businesses that are experiencing a temporary loss of revenue as a result of the COVID-19 outbreak.

SomerCor is proud to partner with the City of Chicago in administering the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. If your business has been negatively impacted by COVID-19 outbreak, apply for the loan below:

Apply for Chicago Small Business Resiliency Loan

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)