The loans will be one-time, zero-interest loans given to small suburban businesses with up to 25 employees and residents who account for more than half of their income through independent contracts.
The Community Stimulus Fund will provide loans of up to $ 20,000 for small businesses and $ 10,000 for independent contractors.
“Unprecedented problems call for unprecedented solutions,” said President Preckwinkle. “Small businesses and entrepreneurs are at the heart of towns and villages in Cook County, and my administration will do everything possible to support them during these dark times. This virus can dictate our present, but it will not write our future. “
One person who hopes to benefit is Stephanie Luster who has had to close her salon and lay off employees.
“So seeing a relief initiative like this become available to businesses in Cook County will give all of us some hope,” Luster said. “I hope we can move our businesses forward. I hope that as an independent entrepreneur we will bounce back. “
The loans will be distributed through a network of community lenders across the county.
The county is starting the fund with $ 10 million and hopes to supplement it with private and philanthropic donations.
For more information visit www.cookcountyil.gov/recovery.
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