Loan Programs & Applications for Small Businesses & Employees

*The below comprehensive list will be updated as information becomes available.

Online training available for small businesses impacted by coronavirus

Led by the Illinois SBA Office

All Illinois small businesses can now apply for low-interest disaster loans to help offset the economic impact of the coronavirus pandemic. The Illinois District Office will host free webinars as long as there is demand covering:

  • Eligibility
  • Use of proceeds
  • Terms
  • Filing requirements
  • Additional small business resources

Choose the date and time most convenient for you. Click the link below to register now.

Led by the U.S. Chamber of Commerce

  • U.S. Chamber Foundation Center for Education and Workforce Early Education and the Coronavirus Pandemic Webinar – Monday, April 6th at 1:30pm ET / 12:30pm CT.  Click here to register.
  • Weekly U.S. Chamber Coronavirus Call with Member Chambers and Trade Associations – Friday, April 10th at 4:00pm ET / 3:00pm CT.  Click here to register.

CARES ACT Payment Protection Program Loan

Click here for a breakdown of the PPP Loan.

Chicago Small Business Resiliency Loan Fund

Start Date: March 31st

Application URL:

  • Attest to a more than 25 percent revenue decrease due to COVID-19
  • Employ fewer than 50 workers
  • Have gross revenues of less than $3 million in 2019
  • Provide bank statements dating back to October 2019
  • Most recent tax return

SBA’s Economic Injury Disaster Loans

Start Date: March 19th

End Date: December 21st

Application URL:

  • The interest rate is 3.75% for small businesses without credit available elsewhere
  • Businesses with credit available elsewhere are not eligible
  • The interest rate for non-profits is 2.75%
  • Credit History – Applicants must have a credit history acceptable to SBA.
  • Repayment – Applicants must show the ability to repay the loan.
  • Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.
  • Loan terms up to a maximum of 30 years
  • To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance.
  • Here are the documents you’ll need to provide to complete the application: 

    • SBA Form 5 or SBA Form 5C for sole proprietorships – SBA loan application 
    • IRS Form 4506T – Tax Information Authorization for the applicant, principals and affiliates
    • Complete copies of the most recent Federal Income Tax Return. 
    • SBA Form 2202 – Schedule of Liabilities
    • SBA Form 413 – Personal Financial Statement
    • SBA Form 1368 – Monthly sales figures 

Accion Small Business Loans

Application URL:

  • Existing business owners with at least six months of verifiable sales
  • Titled collateral or SBA guarantee required for loans above $25,000 for existing businesses
  • Any monthly net income from the business plus income outside the business for existing businesses
  • No minimum credit score
  • Must be current on all active accounts on credit report

Women’s Business Development Center Direct Lending Program

(312) 853-3477

8 S. Michigan Avenue, 4th Floor

Chicago, IL 60603

  • Loans are available to small businesses located in Northwest Illinois
  • Targeted towards businesses with less than $1 Million in annual revenue
  • Businesses, including start-ups, may be eligible regardless of time in business, or size of business
  • Loans available for: equipment purchases, inventory, leasehold improvements, machinery, supplies, or working capital
  • Interest rates from 7% – 12%
  • Repayment terms from 1- 5 years

Bartender Emergency Assistance Program

Application URL:

  • Be a Bartender or the spouse or child of a Bartender
  • Experience a catastrophic event or emergency hardship that is Identifiable and described in detail in the application
  • Experience a catastrophic event or emergency hardship that is Damaging to the person or property (e.g., loss of life, health, or property)
  • Experience a catastrophic event or emergency hardship that is Sudden and precipitous rather than gradual or progressive
  • Experience a catastrophic event or emergency hardship that is Unexpected, unanticipated, unforeseen, unintended, or unplanned
  • Experience a catastrophic event or emergency hardship that is Unusual and not normally occurring in the ordinary course of day-to-day living

IDES Unemployment Insurance

Application URL:

  • Accurately report your reason for separation from your job when you initially file your claim for benefits
  • You must report your gross wages for e​ach week you work. Report all earnings, including part-time or temporary work
  • In order to collect benefits, you must continually certify that you are able, available and willing to accept suitable work
  • You must search for work each week or benefits may be denied
  • An organized and documented job search improves your chances of employment. All claimants are required by law to document work search activities
  • The use of paid third-parties to file your claim and/or communicate with IDES is very risky and discouraged. Do not share your personal information with anyone
  • Follow the rules to prevent yourself from committing fraud. Failure to follow legal requirements has serious consequences