To be eligible for a Resiliency Fund loan, a small business must meet the requirements detailed below. Please note that the application must be completed and submitted by the owner of the business with the largest ownership interest. (Note: if two or more owners have equal ownership of the business, one of the owners with equal ownership will be required to fill out the online application.)
As part of the application, the loan applicant must provide the following documentation:
Applicants and businesses will also be subject to a City of Chicago debt check, with the opportunity to get on a payment plan and move forward with the loan in the event the applicant or business has existing City debt.
Should the submission be approved, a participating lender will reach out to the loan applicant to collect the required documentation, conduct the credit check, and finalize the application review process.
The loan applicant must be prepared to comply with and attest to the following at closing:
The City of Chicago is committed to providing Resiliency Fund loans to businesses from every industry, background, and community area in the City. Applications will be reviewed on a first come first serve basis, however the City will set aside a portion of the loan pool to ensure an equitable distribution of loans with consideration for the following:
Due to the high demand, the number of Resiliency Fund loans will be limited. Applications for loans through the Chicago Small Business Resiliency Fund have closed and will be reviewed on a rolling first-come, first-served basis with criteria in place to ensure equitable distributions.