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.

www.chicago.gov/businessworkshops

Led by the ChiBizHub

See available workshops and webinars here.


Hairdressers at Heart COVID-19 Crisis Relief

Licensed professional hairstylists and nail techs to salon owners and educators, can apply to receive one of 230 relief checks totaling up to $1,000 each to assist in their pandemic relief and recovery.

Submit your application now to be considered for Hairdressers at Heart’s 2019 COVID-19 relief campaign. Please note, objective judging criteria for essay is a deserving and compelling story.

NOTE: Pre-funded, tax-free checks will be mailed to selected recipients at their current mailing address. Lost checks will not be able to be refunded or redelivered.

NO PURCHASE NECESSARY; Campaign begins for entrants on or about 4/13/20 at 12:00:00 a.m. PT and ends on 6/20/20 at 11:59:59 p.m. PT; open only to legal U.S. residents of the 50 United States and D.C., Puerto Rico, and Canada who are 18 years old or older and who have a current cosmetology or nail license; see Official Rules at [English Rules] [Spanish Rules] [French Canadian Rules] [Vietnamese Rule] for additional eligibility restrictions, prize descriptions/restrictions/values, odds, and complete details; limit one (1) entry per person; void where prohibited.  Sponsor: The Wella Corporation and OPI Inc., 4500 Park Granada, Calabasas, CA 91302


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: www.chicagoresiliencyfund.com

  • 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: https://disasterloan.sba.gov/ela/Account/Register1

  • 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 

Arts for Illinois Relief Fund

The new Arts for Illinois Relief Fund will provide financial assistance to artists, artisans, and cultural organizations impacted by COVID-19. The fund is a partnership between the City of Chicago, the State of Illinois and the broader philanthropic community. To date, more than $4M has been committed from public and private sources to seed an upcoming statewide campaign that will provide additional funding to meet the growing and critical needs of the state’s creative sector. Individuals looking to apply or corporations and charitable foundations looking to donate can learn more here.


Accion Small Business Loans

Application URL: https://us.accion.org/small-business-loans/see-if-i-qualify/

  • 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: https://www.usbgfoundation.org/beap

  • 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: https://bit.ly/2UD2KFM

  • 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

Facebook Small Business Grants Program

Application URL: https://www.facebook.com/business/boost/grants

Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. To be eligible to apply, you must:

  • Have between 2 and 50 employees
  • Have been in business for over a year
  • Have experienced challenges from COVID-19
  • Be in or near a location where Facebook operates

GoFundMe, Yelp, & Intuit: The Small Business Relief Initiative

URL: https://polsky.uchicago.edu/covid19-resources/

To be eligible for a grant from the Small Business Relief Fund, the business needs to meet the following requirements: have been negatively impacted by a government mandate due to the COVID-19 pandemic; be independently owned and operated; not be nationally dominant in its field of operation; intend to use funds to either help (a) care for its employees/workers or (b) pay ongoing business expenses; raise at least $500 for the business through its own GoFundMe fundraiser, which fundraiser it started because of the COVID-19 pandemic; and have no fraud reports made against it. Only one grant per business. All business fundraisers and grant recipients must comply with GoFundMe’s terms of service. To read more see here our terms of service.


Google Ads Ad Credits

URL: https://support.google.com/google-ads/answer/9803410?hl=en

The ad credits will be available to small and medium businesses, who advertise directly with Google or through partners, around the world with active accounts since the beginning of 2019.


Kiva 0% Interest Loans

Application URL: https://www.kiva.org/borrow

Unlike traditional bank loans, Kiva loans don’t require a minimum credit score, years of cash flow documents or collateral. But you do need to meet the following minimum criteria in order to be considered:

  • You and your business must be based in the United States.
  • You must be over 18 years old.
  • You must be using the loan for business purposes.
  • Your business must not be engaged in any of the following activities: multi-level marketing / direct sales; illegal activities (e.g. gambling, scams); or pure financial investing (e.g. stocks)
  • You cannot currently be in foreclosure, bankruptcy, or under any liens.
  • You must be willing to demonstrate your social capital by having a small number of your friends and family make a loan to you.

Verizon/LISC Small Business Recovery Fund

Application URL: https://bit.ly/3aVSfod

An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. Verizon will highlight and bolster these efforts through their inaugural “Pay It Forward Live” online concert series.


Honeycomb Crowdfunded Small Business Relief Loans

Application URL: https://www.honeycombcredit.com/relief

Option 1

  • Borrow $10,000-$50,000 in working capital
  • 45 day payment-free period
  • 3.75% interest rate over an initial 6-month interest-only payment period
  • 5% interest rate over a 3-year fully amortizing loan after the interest-only period
  • No pre-payment penalties
Financial Qualifications
  • 3+ years of operating history

  • Profitable in 2019

  • Good credit score for 20% owners

  • Debt service coverage ratio of 1.2 or higher

  • Owners have positive net worth

  • No delinquencies (personal or business)

  • Lease agreement in good standing

  • Registered and legally organized business

  • Personal guaranty

  • Blanket lien on the business (lien position negotiable)

  • Demonstrated community support

Option 2

  • Borrow $10,000-$25,000 in working capital

  • 45 day payment-free period

  • 3.75% interest rate over an initial 6-month interest-only payment period

  • 7.5% interest rate over a 3-year fully amortizing loan after the interest only period

  • No pre-payment penalties

Financial Qualifications
  • 1+ years of operating history

  • Breakeven or profitable in 2019

  • Above average credit score for 20% owners

  • Debt service coverage ratio of 1.0 or higher

  • Owners have non-negative net worth

  • No delinquencies (personal or business), unless explicitly related to the economic slowdown

  • Lease agreement in good standing

  • Registered and legally organized business

  • Personal guaranty

  • Blanket lien on the business (lien position negotiable)

  • Demonstrated community support