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Thank you for your interest in the Chicago Small Business Resiliency Fund. The application for the loan fund is now live.
To apply, please visit here to start your application.


  • Loan Amount: 3 months average monthly revenues before the COVID-19 outbreak, up to $50,000
  • Interest Rate: The fixed annual interest rate on the loan will be 1% for the first 18 months. After 18 months, the rate will increase to 5.75% for the duration of the loan.
  • Repayment: For months 1 – 6: $10 monthly payment of principal; Interest accrues but is not payable. For months 7 – 12: Interest-only monthly payments. Month 13 and thereafter: Monthly principal and interest payments.
  • Term: Up to 5 years (60 months).
  • Proceeds: Proceeds are required to be used for working capital with at least 50% of proceeds being applied toward payroll. The applicant must also make a commitment to maintain its workforce at 50% or more of pre-COVID-19 levels for at least 6 months.


To be eligible for a Resiliency Fund loan, a small business must meet the requirements detailed below.
Please note that the application must be completed and submitted by the owner of the business with the largest ownership interest. (Note: if two or more owners have equal ownership of the business, one of the owners with equal ownership will be required to fill out the online application.)
  • Employ fewer than 50 employees, 50% of whom are Chicago residents
  • Have realized gross annual revenues of less than $3 million pre-COVID-19
  • Have suffered a revenue decrease of at least 25% due to COVID-19
  • Be located in the City of Chicago and have been in business for at least 1 year at of the date of application


  • 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 the submission be approved, a participating CDFI will reach out to the loan applicant to collect the required documentation, conduct the FICO credit check, and finalize the application review process.


  • A decline in revenues of at least 25% due to COVID-19
  • That the business has annual gross revenues of less than $3 million and less than 50 employees
  • That no other beneficial owner(s) has applied for a Resiliency Fund loan
  • That 50% of the proceeds of the loan will be applied to payroll
  • That the business will maintain its workforce at 50% or more of pre-COVID-19 levels for at least 6 months
  • That at least 50% of the employees of the business reside in Chicago
  • That the business has been in operation for at least 1 year


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-served basis, however the City will set aside a portion of the loan pool to ensure an equitable distribution of loans with consideration for 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

To applyplease visit here to start your application.

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. Questions can be submitted in English and Spanish.
Additionally, the City of Chicago has a network of Neighborhood Business Development Centers to provide free remote/virtual assistance to business owners interested in applying for the Chicago Small Business Resiliency Loan Fund. You can find a list of these organizations here.
Due to the high expected demand, the number of Resiliency Fund loans will be limited.
Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.
In the event the website is overwhelmed, we recommend checking back often to submit your application.
Mayor Lori Lightfoot is committed to leveraging every dollar available to business owners from any source in order to provide as much funding as possible to Chicago’s small businesses.
The Resiliency Fund is structured to complement the new federal Paycheck Protection Program that the Small Business Administration (SBA) will launch soon. The City and its partners will seek to provide all Resiliency Fund loan applicants with the best offer available, including from the SBA’s new program.
In the event that you/your business does not qualify for this program, please look at the City’s resource website to find other programs that may meet your needs.
Additional information can be found at the City’s website:
For contact:
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