$10 million loan fund to help small businesses in Cook County IL
The Cook County Community Recovery Initiative
Now Available: $10,000 to $20,000 no interest loans for suburban Cook County Small Businesses and Independent Contractors (including gig workers).
On Tuesday, April 7th 2020, Cook County Board President Toni Preckwinkle signed Executive Order 2020-9 creating the Community Recovery Initiative in response to the COVID-19 pandemic. This comprehensive initiative creates an emergency relief fund for businesses, 1099 workers, non-profits, and community service organizations located in suburban Cook County by providing one-time, zero-interest, five-year loans of up to $20,000 for small businesses and up to $10,000 for independent contractors. The loans are said to be administered by the Chicago Community Loan Fund and provided by a network of community lenders.
The county’s initiative arrives at a crucial time for suburban Cook County’s economy. Many small businesses are claiming they cannot access the emergency small business and independent contractor financial support that was part of the federal stimulus law for several reasons. It is expected that this program will provide a quick and efficient alternative.
The initiative also creates the Cook County Technical Assistance Network, designed to provide access to financial products at the state and federal level, answer questions, navigate pathways, connect businesses to counseling and assist with intake services, loan packaging, and process management.
Am I Eligible?
To be eligible, small businesses must show that they are located outside the Chicago city limits, have less than $3 million in annual revenue and fewer than 25 workers. As for Independent contractors, they must show to have less than $100,000 in gross annual income and earn at least half of their income from contract work.
When can I apply?
The County plans to open applications for the Community Recovery Fund by mid-April based on a first-come-first-serve basis. More information will be provided as the details of the program are further unveiled.
What if I need guidance now?
Contact RKF Global for advice and counseling. We have been keeping a close eye on these issues and are prepared to advise our clients with timely information as this fluid situation evolves. It is likely that the supplemental legislation will be passed as the county continues to react to the ever-increasing financial challenges businesses face as a result of the COVID-19 pandemic. We stand by ready to assist business owners to assess loan eligibility, calculate the loan amount, assist with the application process, and keep them current on all legislative changes. Please contact us by phone or email as follows:
Stefano Rosenberg, Esq.
200 W Madison St
Chicago, Illinois 60606