Treasurer’s Office “Bridge Loans”

Lee | Posted on March 31, 2020 |

3/31/20

I also attached the U.S. Chamber of Commerce’s small business guide and checklist.

Treasurer’s Office “Bridge Loans”

Treasurer Mike Frerichs office is implementing a
“bridge loan” program with $250 million available to banks and credit unions. The program’s aim is to support small businesses, non-profits, and faith-based organizations.

Eligible Illinois businesses or nonprofits must be
headquartered in Illinois and have been shut down because of COVID-19.
Applicants are required to have less than $1 million in liquid assets or $8
million average annual receipts (per SBA standards).

Click here to learn more about these loans and call your financial institution to see if they are participating in this program.

Chicago Small Business Resiliency Fund

As a direct response to COVID-19, the City of
Chicago is establishing a $100 million Chicago Small Business Resiliency Fund.

This program will provide small businesses with emergency cash flow during this immediate health crisis. Funds will be provided to businesses at low-interest loans.

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

Applications will open on March 31, 2020 and will
be administered through the City’s Community Development Financial Institution (CDFI) partners. To apply, visit the City’s Small Business Resiliency website here.