Cook County Community Recovery Fund
Last Updated: 5/29/2020
Cook County’s Bureau of Economic Development will soon be launching the Community Recovery Fund as part of the Community Recovery Initiative. This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors in suburban Cook County. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders.
When will the loan fund launch?
The Cook County Community Loan Fund will launch soon. Please sign up for email notifications to get up to the minute information about launch dates and what you need to prepare here: www.cookcountyil.gov/recovery
How can I apply?
Applicants will apply online and a link to the application will be posted on our website: www.cookcountyil.gov/recovery
Who can apply?
Small Businesses are eligible if they are:
- Employing 25 or fewer employees,
- Earning less than $3 million in annual revenue,
- Located in suburban Cook County, and
- Revenues have decreased more than 25% as a result of COVID-19
Independent Contractors are eligible if you are:
- Making at least half of your yearly income in 1099 contract work
- Earning less than $100,000 annually
- Residing in suburban Cook County
- Currently, not-for-profits are not eligible for this program
What information is needed to apply?
- Bank statements from October 2019 to Date of Application
- Copy of Most Recently Filed Federal Tax Return
- Copy of Most Recent Annual Financial Statements (only required if small business)
- Photo ID of Independent Contractor or Business Owner – valid forms of identification consist of:
*A driver’s license issued by the State of Illinois or any other State of the United States of America
*An identification card issued by any State of the United States of America
Who can I contact if I need help completing the application or have other questions about the loan?
Please contact Lycrecia Parks of the Chicago Community Loan Fund
firstname.lastname@example.org or (312) 788-2496.