Supporting small businesses who are vulnerable at this challenging time.
The Chicago Community Catalyst Fund will invest up to $50 million in the Chicago Small Business Resiliency Loan Fund to provide financial relief to Chicago businesses that have been affected by COVID-19.
How we can help?
To help small businesses deal with the impact of COVID-19, the Chicago Community Catalyst Fund will invest up to $50 million to help retain employees and maintain operations as businesses face decreased revenue. This program is available to City of Chicago businesses with 1 - 50 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a zero interest loan for six months covering up to 50% of their payroll and additional expenses. Businesses can access up to $50,000.
Who can apply?
City of Chicago
Open to established, City of Chicago-based businesses impacted by the COVID-19 with 1 - 50 full and part-time employees and less than $3 million in revenue. Up to 30% of the Fund will be loaned to businesses in underserved areas.
Demonstrated Revenue Loss
The Fund is available to businesses who have generated revenue for (at least) two years and can demonstrate at least a 25% decrease in revenue as a result of COVID-19.
Eligible businesses will receive a zero interest loan for six months covering up to 50% of their payroll as well as operating needs, sick pay and rent. Businesses can access up to $50,000.
We Support You
"It's essential that we provide some relief for the businesses and working families, especially ones in the under-resourced and disinvested communities that are hurting right now"
Hon Melissa Conyears-Ervin
Chicago City Treasurer
Chairman, Chicago Community Catalyst Fund