What are the terms of the loan?
The loan is:
- 0% interest
- Has up to a five-year repayment term
- No payments for the first six months of the loan
How much will my monthly payments be?
For a $20,000 loan for 5-year term, the monthly payments would be approximately $370.
For a $10,000 loan for 5-year term, the monthly payments would be approximately $185.
Does it cost money to apply?
No, there are no fees associated with any aspect of the application process.
Do I need collateral in order to apply for the loan?
No collateral is needed to apply.
What can I use my loan for?
Payroll, rent/mortgage payments, and utility payments.
What lending institutions are participating in the loan fund?
Cook County is partnering with five local not-for-profit lenders to distribute loans:
- Chicago Community Loan Fund
- Chicago Neighborhood Initiative
- Women’s Business Development Center
How long will it take to process the application once it is submitted?
Loan applications should take approximately two weeks to process after they are submitted.
How are loan determinations made? Will the fund be distributed equitably?
This program has been developed to address populations locked out of other small business loan programs available at this time. Our focus is on the smallest businesses down to the 1099 workers. There will also be set asides for applicants from low-to-moderate income areas.
Do I have to be a U.S. citizen in order to apply?
No, there is not citizenship requirement for the loan.
Are loan fund resources and assistance available in other languages?
All resources and services will be made available in English, Spanish, Polish, Mandarin, and other languages as needed.
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 at email@example.com or 312-252-0453