Last updated: March 25, 2020
Required lawyer disclaimer. The following summary, of information published by the City of Chicago about the Chicago Small Business Resiliency Fund (CSBRF), is being provided by goodcounsel as part of its effort to inform startups and small businesses about financial resources being made available in the wake of the COVID-19 outbreak. This is not legal advice. If you would like assistance to explore the CSBRF or put together an application for assistance, please contact us using the short form on the left-hand side of this page. We would be happy to speak with you.
History and purpose
Mayor Lori Lightfoot announced the creation of the CSBRF during her speech on March 19, 2020. The fund is designed to help Chicago’s small businesses weather the COVID-19 outbreak. The City of Chicago, corporations, and charities are working together to create and administer the funds. The fund will help small businesses by providing low-interest loans of up to $50,000 with repayment terms of up to five years.
The loans are designed to assist businesses that need assistance while cash flow is limited by the Covid-19 outbreak. To qualify for one of these loans a business must:
(1) have lost 25% or more of their revenue,
(2) employ fewer than 50 employees,
(3) generate gross revenue below $3 million,
(4) operate at a business address in Chicago or under a Chicago business license, and
(5) have no existing tax liens or legal judgments.
Applicants must also pledge to use at least 50% of the funds for payroll and commit to retaining at least 50% of their pre-COVID-19 employees.
The official application will be available starting March 31. The following documents will be required for all applications:
(1) Bank statements going back to October 2019,
(2) A copy of the company’s most recent tax return, and
(3) Photo identification (CityKey will be accepted).