The average small business in Chicago has less than 28 days of cash on hand. For businesses in low- and moderate-income communities, this number is even smaller. Small businesses here in Chicago and throughout the nation are looking for fast acting federal loan support. We hear your frustration and we are doing everything in our power to advance federal small business loans and direct your business through the process of applying to receive loans.
On Friday, WBDC Access to Capital Managing Director Lotika Pai discussed in Crain’s Chicago Business the ways we are helping small businesses navigate the loan process during this pandemic. In addition to aiding our clients prepare paperwork for any SBA or city loans so they are ready to apply once applications open, the WBDC has also deferred principal payments and extended loan terms to all WBDC direct loan clients.
For more information on accessible opportunities in Chicago and Lotika’s advice to small businesses, please see the Crain’s article here.