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WINDY CITY TIMES
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COVID-19 Lightfoot, BACP announce first 124 business loans
2020-04-17
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This article shared 1654 times since Fri Apr 17, 2020
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Mayor Lori E. Lightfoot and the Department of Business Affairs and Consumer Protection ( BACP ) Commissioner Rosa Escareno announced a key milestone in the newly created Chicago Small Business Resiliency Fund, with the first 124 loans approved and in process for local businesses that have been impacted by the coronavirus 2019 ( COVID-19 ) outbreak.
These newest loans represent only the first batch from the city's $100-million fund, which first opened applications two weeks ago.
Thus far, the fund has approved 124 loans to a diverse pool of applicants, with more than two-thirds of the awardees identifying as having diverse ownership, including 44-percent woman-owned and 41-percent of owners identified as African American and Latinx. To further these efforts, BACP is launching a Small Business Resource Navigator program that will provide individualized support to neighborhood small businesses as they seek financial support and resources during the COVID-19 outbreak.
The Chicago Small Business Resiliency Fund was created through an up to $50 million in capital commitment from the Catalyst Fund to be determined by the board; a $25 million grant from the City of Chicago; $10 million from Goldman Sachs' Urban Investment Group; $1 million from Fifth Third; $250,000 from Clayco; and $15 million from additional private funding sources. |
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This article shared 1654 times since Fri Apr 17, 2020
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