Applications are Open

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Bureau of Economic Development | June 8, 2020

Applications are Open!

Apply for the Community Recovery Fund

• The Cook County Community Recovery Fund application is live. Funds are available to support eligible suburban small businesses and independent contractors through the COVID-19 pandemic. Apply here.
• Se encuentra disponible la solicitud para el fondo de recuperación comunitaria del condado de Cook. Los fondos servirán para apoyar a los pequeños comerciantes suburbanos que sean elegibles y a los contratistas independientes afectados por la pandemia de la COVID-19. Aplicar aquí.

This loan 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. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders.

The application deadline is Wednesday, June 17, 2020 at 11:59 pm.

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
  • Passport
  • Consular identification

  Please contact Lycrecia Parks of the Chicago Community Loan Fund at ccrf@cclfchicago.org or (312) 788-2496 with additional questions about the loan fund or inquiries about the application process.

  

  Bureau of Economic Development

  69 W Washington, Suite 2900 | Chicago, IL 60602 | Phone: (312) 603-1000

  Mission: To Lead and Promote Equitable Economic Growth and Community Development

  Values

  Equity. Engagement. Excellence.
  Learn more about Vital Communities, our strategic plan for economic development, with the Policy Roadmap: Five-Year Strategic Plan for Offices Under the President.