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Chicago Small Business Resiliency Fund

Applications for loans through the Chicago Small Business Resiliency Fund are now closed.

Frequently Asked Questions

The Chicago Small Business Resiliency Fund is a new $100 million economic relief package aimed at supporting Chicago’s businesses experiencing a temporary loss of revenue as a result of the COVID-19 outbreak. The new fund has been established with the goal of providing affordable loans to severely impacted businesses over the coming months.

The City of Chicago, in conjunction with the Chicago Community Catalyst Fund, the Goldman Sachs Urban Investment Group, Fifth Third, and Clayco Construction and private partners, has created a $100 million relief package to small businesses across the City. The City will work with its CDFI partners to loan funds directly to Chicago small businesses. Currently, the City has begun work with Accion Serving Illinois and Indiana and Community Reinvestment Fund USA (CRF), but will continue to develop relationships with additional lending partners.

The Resiliency Fund is aimed at helping small businesses and non-profits in the City of Chicago. The Resiliency Fund will target businesses across all neighborhoods and nearly all industries.

To qualify, businesses must employ fewer than 50 people, have realized gross revenues of less than $3 million in 2019, have suffered a revenue decrease of at least 25% due to COVID-19, have a valid business address within the City of Chicago and a valid City business license, if applicable.

After you have completed the online application your information will be processed for various eligibility checks with the City of Chicago. Once you pass these checks you will be matched with a lender that can meet your financing needs and can help you apply for a Resiliency Fund loan. 

The Resiliency Fund has a team of trusted experts at your service to guide you through the application, underwriting and closing phases of your loan. For any questions, please visit the contact page:

The application should be completed and submitted by the owner of the business. The owner with the largest ownership interest in the business must apply. The applicant business owner will be required to provide a personal guarantee and be subject to a credit check. If 2 or more owners have equal ownership of the business, then each owner with that ownership share is subject to the credit check and personal guarantee. One of the owners with the largest ownership share must complete the application.

The Resiliency Fund knows that your funding needs are urgent. All applications are assessed on a case-by-case basis. To accelerate processing of your loan, please prepare the information required in advance. For help with the loan application and additional resources available to entrepreneurs please click here.

Loans will be available in an amount equal to the average of your business’s revenues for the last 3 months of 2019, with a maximum amount of $50,000.

The Resiliency Fund provides affordable loans up to $50,000 payable over 5 years with a nominal payment for the first 6 months. The borrower may repay the loan early without a prepayment penalty.

Time Rate*Notes
0 – 18 months1.0%– $10/month principal payment required to maintain the account
– Monthly interest starting after 6 months
– Monthly principal and interest after 12 months
19 months – 5 years5.75%– Monthly principal and interest

* Interest will be simple; Principal and interest monthly payments required based on a straight-line amortization assuming full repayment at 60 months

Your monthly payments will vary based upon the amount of money you borrow.

$50,000 Loan Required Monthly Payments
Time Monthly PaymentNotes
0 – 6 months$10$10/month principal payment required to maintain the account
7-12 months$42Monthly 1% interest
13-18 months$1,068Monthly principal and 1% interest
19 months-5 years$1,161Monthly principal and 5.75% interest
$20,000 Loan Required Monthly Payments
Time Monthly PaymentNotes
0 – 6 months$10$10/month principal payment required to maintain the account
7-12 months$17Monthly 1% interest
13-18 months$428Monthly principal and 1% interest
19 months-5 years$465Monthly principal and 5.75% interest

*Interest will be simple, Principal and interest monthly payments required based on a straight-line amortization assuming full repayment at 60 months

Loan proceeds must be used for working capital. At least 50% of the proceeds must be applied toward payroll. The borrower must provide a commitment to retain or rehire the workforce at a minimum of 50% of pre-COVID-19 levels for 6 months following the loan disbursement.

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 at least each of the following:

  • Geography: Loans will be allocated across all Chicago’s communities
  • Income: Loans will be available to small businesses serving low- and moderate-income residents
  • Industry Type: Loans will be available across all industry areas impacted by COVID-19

Eligible businesses must be a corporation, partnership, limited liability corporation, sole proprietorship, or not-for-profit. Each business can only apply for one Resiliency Fund loan.

Eligible businesses must have experienced a decline in revenue of more than 25% due to COVID-19. The business must, employ fewer than 50 employees, 50% of which are Chicagoans, and have annual revenues of less than $3 million.

Eligible businesses and business owners will be subject to various eligibility checks, including a City debt check and a credit check.

The loan applicant business owner submitting the application must provide a personal guarantee.

Any businesses currently on the City’s flagged business list are not eligible.

Please note that due to expected demand, an applicant meeting all eligibility requirements is not guaranteed to receive a loan.

As part of the application, the loan applicant must provide: the following documentation:

  • 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
  • A photo ID (may include CityKey, consular ID, passport, or other forms) of the loan applicant business owner
  • The applicant business owner will be required to provide a personal guarantee and be subject to a credit check (Note: if two or more owners have equal ownership of the business, then each owner with that ownership share is subject to the credit check and personal guarantee)

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 your submission be approved, a participating lender will reach out to you to collect the required documentation, conduct the credit check, and finalize the application review process.

Yes. Undocumented immigrants and green card holders are welcome to apply. A form of identification is required. Valid state-issued IDs, CityKey, consular ID, and passport, or other forms will be accepted.

The following businesses are not currently eligible for a loan from the Resiliency Fund: chain businesses (as defined by the Department of Business and Consumer Protection); not-for-profit social clubs or not-for-profit organizations that have a national affiliation; branch banks; pay-day loan stores; pawn shops; astrology, palm reading; liquor stores, night clubs; adult bookstores, massage parlors, adult entertainment venues; track wagering facilities; trailer-storage yards and junk yards; any uses similar to those listed above.

No, you do not need collateral to receive a Resiliency Fund loan.

The online loan process is highly secure. The Resiliency Fund platform goes above and beyond to protect your sensitive information. The platform uses TDE (Transparent Data Encryption) in SQL (Structured Query Language), which means the data is encrypted at rest. It also encrypts the data between the app server and the database and uses TLS (Transport Layer Security), which protects communications on the Internet, for form submissions. You can also be assured that none of your information will be sold.

The application that you complete on this site can be completed in your native language. After you successfully complete the City’s eligibility checks, you will be partnered with a lender representative. The Resiliency Fund and its CDFI partners currently offer in-house support in English and Spanish. The team is working with community leaders on identifying additional language resources. If you need help with completing the application in a language other than English or Spanish, please visit the contact page:

To help get the word out about funding opportunities through the Resiliency Fund, please share this 1-pager with your friends, family, and anyone you think may find it helpful.

To contact the Resiliency Fund team please visit the Resiliency Fund contact page here: