Impact: Chicago Small Business Resiliency Fund
these statistics represent information as of October 1, 2020
A public-private partnership to deploy relief capital to small business owners
With a capital commitment from Goldman Sachs and other private investors, the City of Chicago created the $100 million Chicago Small Business Resiliency Fund (CSBRF) to provide small businesses and nonprofits with emergency cash flow during the COVID-19 pandemic.
The CSBRF provided immediate help to Chicago businesses at the start of the pandemic. The program directed $21.6 million in loans to 861 small business borrowers, with an average loan size of $25,116, all before October 1, 2020 as the pandemic created greater urgency for small business owners.
The City worked with CDFI partners, including Accion-Chicago and CRF, to loan CSBRF funds directly to Chicago small businesses. The City also established Small Business Resource Navigators – community-based small business support service providers – to provide one-on-one guidance to businesses to help them navigate the many available financial and support resources.