SomerCor is proud to partner with the City of Chicago in administering the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. If your business has been negatively impacted by COVID-19 outbreak, apply for the loan below:
Repayment Term: Low-interest loans for a term of up to five years.
Loan Amount: Up to $50,000 but sized based on revenues before the COVID-19 outbreak.
Loan Proceeds: Proceeds are required to be used for working capital. At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels.
To be eligible, businesses must meet the following requirements:
Suffered more than 25% revenue decrease due to COVID-19
Employ fewer than 50 employees and have gross revenues of less than $3 million in 2019
Provide a City business address or City business license
No pre-existing tax liens or legal judgments
In addition, please be prepared to provide the following information:
Bank statements dating back to October 2019
Your most recent tax return
Photo ID (CityKey will be accepted)
Federal Help: www.sba.org
Communication is key and we would like to help get the word out to the community if your open, closed, and/or have adjusted your regular course of business.
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The Chamber of Commerce serving businesses and the community on the Southwest side of Chicago near Midway airport. The BEST neighborhood to live and work!
Subscribe to our newsletter and stay up-to-date with the latest developments. Be a part of our business community. Find out what Chamber of Commerce membership.