Chicago Community Loan Fund (CCLF) has been named administrator of the Cook County Community Recovery Fund, part of the Cook County Bureau of Economic Development’s Community Recovery Initiative. This fund is open to certain small businesses, “gig” workers and independent contractors located in suburban Cook County (outside the boundaries of the City of Chicago). Loans in this program will be provided by Cook County lending partners: Accion, Chicago Neighborhood Initiatives Micro Finance Group, SomerCor and Women’s Business Development Center.
The joint effort is the latest in a variety of resources offered through Cook County’s Community Recovery Initiative program, which features a technical assistance network that has helped more than 170 small businesses get access to educational resources and $3M in funding through the Paycheck Protection Program.
Who Can Apply?
The Cook County Community Recovery 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.
Small Businesses located in suburban Cook County are eligible for the fund if they:
• Employ 25 or fewer employees
• Earn less than $3 million in annual revenue
• Saw revenues decrease up to 25% as a result of the COVID-19 pandemic
Independent Contractors located in suburban Cook County are eligible for the fund if they:
• Make at least half their yearly income in 1099 contract work
• Earn less than $100,000 annually
• Reside in suburban Cook County (outside the boundaries of the City of Chicago).
What information is needed to apply?
Online applications for the loans are now being accepted until
June 17, 2020 and are available in English and Spanish:
Click here for the application in English.
Click here for the application in Spanish.
Loans will be available to applicants who qualify for the Cook County Community Recovery Fund until the funds are exhausted. For consideration, applicants should provide the following information:
• 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 for Small Businesses)
• A valid Photo ID of Independent Contractor or Business Owner
• Valid forms of Photo ID 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
Applications will be open for ten days. The following will be considered in the review of all applications submitted:
- Eligibility – Applicants must meet all the criteria identified in the form, submit all the requested materials, and submit them via the portal by June 17, 2020. Incomplete applications will not be considered.
- Geography: Loans will be awarded across all suburban Cook municipalities.
- Priority will be given to applicants located in Economically Disconnected Areas or Disinvested Areas and businesses owned by women, minorities, disabled or veterans.
Please contact Lycrecia Parks, CCLF’s Vice President of Portfolio Management, at [email protected] with additional questions about the loan fund or inquiries about the application process.