Small Business & Consumer Resources
Treasurer Michael Frerichs has announced a new initiative to support small businesses impacted by COVID-19. The Treasurer’s Office will deposit up to $250 million with approved financial institutions. These financial institutions will then use this money to provide below-market rate loans to affected small businesses. These loans, capped at 4.75%, can be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
This program works with participating financial institutions – loans will not be made directly between the Treasurer’s Office and businesses. If you are a financial institution interested in becoming an Approved Program Depository, or if you are a small business looking for a list of Approved Program Depositories, please visit the IL Treasurer’s website.
For questions about business insurance coverage, please contact the Illinois Department of Insurance at [email protected]. Online complaints can be filed here
For business related inquiries regarding the “Stay at Home” Executive Order, SBA loans, and essential business operations please contact 1-800-252-2923 or [email protected]. You can also visit https://disasterloan.sba.gov.
For IDFPR’s list of resources for Illinois licensees and consumers impacted by the COVID-19 visit https://www.idfpr.com/COVID-19.asp.
The City of Chicago, along with other partner organizations, has set aside $100 million to establish the Chicago Small Business Resiliency Fund. This fund is designed to provide emergency cash flow for Chicago small businesses impacted by the outbreak. Applications are now open and will be reviewed on a rolling first-come, first-served basis.
This application is open to all Chicago businesses with fewer than 50 employees, made less than $3 million in gross revenue pre-COVID-19, and have seen revenues fall by 25% or more since the outbreak. Qualified applicants will receive the value of three months of average pre-COVID-19 monthly revenue, up to $50,000, in the form of a low-interest loan. Proceeds must be used for working capital with at least 50% of proceeds being applied toward payroll.
To apply, submit the online application along with a valid business address within the City of Chicago, a valid City business license (if applicable), business bank statements from October 2019 to February 2020, the most recently filed tax return, and a photo ID for the business owner. For additional questions, please contact the Resiliency Fund team.
Again, if there is any way we can assist you or your family, please do not hesitate to email me at [email protected] or leave a voicemail at 773-348-3434 and we will get back to you as soon as possible.
This program works with participating financial institutions – loans will not be made directly between the Treasurer’s Office and businesses. If you are a financial institution interested in becoming an Approved Program Depository, or if you are a small business looking for a list of Approved Program Depositories, please visit the IL Treasurer’s website.
For questions about business insurance coverage, please contact the Illinois Department of Insurance at [email protected]. Online complaints can be filed here
For business related inquiries regarding the “Stay at Home” Executive Order, SBA loans, and essential business operations please contact 1-800-252-2923 or [email protected]. You can also visit https://disasterloan.sba.gov.
For IDFPR’s list of resources for Illinois licensees and consumers impacted by the COVID-19 visit https://www.idfpr.com/COVID-19.asp.
The City of Chicago, along with other partner organizations, has set aside $100 million to establish the Chicago Small Business Resiliency Fund. This fund is designed to provide emergency cash flow for Chicago small businesses impacted by the outbreak. Applications are now open and will be reviewed on a rolling first-come, first-served basis.
This application is open to all Chicago businesses with fewer than 50 employees, made less than $3 million in gross revenue pre-COVID-19, and have seen revenues fall by 25% or more since the outbreak. Qualified applicants will receive the value of three months of average pre-COVID-19 monthly revenue, up to $50,000, in the form of a low-interest loan. Proceeds must be used for working capital with at least 50% of proceeds being applied toward payroll.
To apply, submit the online application along with a valid business address within the City of Chicago, a valid City business license (if applicable), business bank statements from October 2019 to February 2020, the most recently filed tax return, and a photo ID for the business owner. For additional questions, please contact the Resiliency Fund team.
Again, if there is any way we can assist you or your family, please do not hesitate to email me at [email protected] or leave a voicemail at 773-348-3434 and we will get back to you as soon as possible.