Cook County offering small business, independent contractor loans

Applications are now open for Cook's County's Community Recovery Loan Fund offering one-time, zero-interest loans of up to $20,000 to small businesses and up to $10,000 for independent contractors.

The $10 million 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% of their revenue from contracting work.

"While we know the funds will go fast, through these investments in local small businesses and independent contractors, the county hopes to positively impact financially underserved communities while providing growth capital to help sustain operations and provide assistance to our most vulnerable businesses," Cook County Board President Toni Preckwinkle said.

Since the announcement of the recovery fund in April, more than 8,000 small businesses, independent contractors and nonprofits have reached out to express need and interest. The loan applications will be processed through a network of lending partners that include the Chicago Community Loan Fund, SomerCor, Accion, Women's Business Development Center and Chicago Neighborhood Initiatives Micro Finance Group.

Online applications for the loans are being accepted until June 17, and are available in English and Spanish. To apply and to find additional information, visit www.cookcountyil.gov/recovery.