**Updated June 18, 2020 – The application period for the Cook County Community Recovery Fund is now closed.**

SomerCor is proud to partner with Cook County to support the Cook County Community Recovery Fund. The Recovery Fund is a component of the Cook County Community Recovery Initiative, created to provide rapid relief loans, technical assistance, and outreach for suburban small businesses and gig workers impacted by COVID-19.

“The pandemic has wreaked major disruption on our small businesses and threatens many with permanent closure. We need to work collaboratively to do all we can to help these businesses overcome this crisis, and providing access to capital is part of the solution,” said Manny Flores, President, and CEO of SomerCor. “We look forward to joining forces with Cook County and other non-profit lenders to help small businesses access the financial support they need.” 

The recovery loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $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, including SomerCor.

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; A passport; or Consular identification

Answers to FAQ’s on the recovery loan fund can be found here.

Additional questions on the loan program should be submitted here.