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Chicago Hopes to Make Small Business Loans Quickly

Crain’s Chicago Business

Chicago officials have already received a deluge of demand from small businesses interested in applying for loans of up to $50,000 from the city’s  Small Business Resiliency Fund.

“Over 300 businesses have expressed interest overnight,” deputy mayor Samir Mayekar told reporters today. “We have a duty to try and help them bridge their cash flow.”

Applications open on Mar. 31 and city officials hope to get money out the door days after.  The loans are for five years. The city has not yet decided interest rate terms.

While the average small business in Chicago has less than 28 days cash on hand, Mayekar says it’s less than that for businesses on the South Side. While they “don’t have the luxury to wait for federal support” from Small Business Administration loans, the city’s applications do not open until March 31.  Read more>>

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