Cook County Board Announces Recovery Fund for Small Businesses, Independent Contractors

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

Cook County Board President Toni Preckwinkle announced that applications are now open for the Community Recovery Loan Fund.  Launched as part of the Bureau of Economic Development’s Community Recovery Initiative, the $10 million Community Recovery Fund offers one-time, zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors.  This program will serve suburban Cook County businesses with less than 25 employees and less than $3 million in annual revenue, or independent contractors with less than $100,000 in yearly income who earn at least 50 percent of their revenue from contracting work.  Self-employed, independent contractors such as rideshare drivers and other gig industry workers residing in South Suburban Cook County are eligible.  Once launched, applications will be open for ten days. We will consider the following in our review of all the applications submitted:

• Eligibility – Applicants must meet all the criteria identified in the form, submit all the requested materials, and submit them via the portal by June 8, 2020. Incomplete applications will not be considered.

• Geography: Loans will be awarded across all suburban Cook municipalities.

• Priority will be given to applicants located in Economically Disconnected Areas or Disinvested Areas and businesses owned by women, minorities, persons with disabilities, or veterans.

Online applications for the loans are now being accepted until June 17, 2020 and are available in English and Spanish. To apply and to find additional information, please visit

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