COVID-19 is pulling the rug from under the feet of small businesses across the nation. some government institutions, as well as lenders and private institutions offer the possibility of a loan to help us keep our businesses afloat.
The Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL) are now offering a rang of beneficial loans to the businesses affected by the coronavirus pandemic. However keep in mind that these loans will only be available in states where the governor has declared this pandemic an economic disaster. For those not in IL, here is the SBA website where you can find out if you are eligible.
To help spread awareness and provide value to our customers and local business owners he have put together a list of loans you way qualify for:
- SBA Paycheck Protection Loans
- SBA disaster loans
- SBA Express Bridge Loans
- Discounted business loans
- Local government loans
For our Local Chicago Businesses
Chicago started a $100 million Chicago Small Business Resiliency Fund in response to the coronavirus. You can apply for up to $50,000 based on your business’s revenue with loan terms as long as five years.
*They’re available through Community Development Financial Institutions (CDFIs) that partner with the city, and interest rates vary depending on the lender. At least half of the funds must go toward retaining at least 50% of your workforce before the outbreak*
How do I apply?
You can get connected with a CDFI by filling out a City of Chicago survey with basics about your business.
You’ll need to provide the following documents during the application:
- Bank statements for October 2019 to March 2020
- Most recent tax return
- Government-issued photo ID — CityKey accepted
Your business must meet the following criteria to get this loan:
- Over 25% decrease in revenue since the COVID-19 outbreak
- Under 50 employees
- Less than $3 million in 2019 gross revenue
- Have an address in Chicago or Chicago business license
- No tax liens or legal judgements
Request a quote!