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$5K Grants for McKinley Park Businesses

4 months 2 weeks ago #1 by Justin Kerr
The McKinley Park Community Area of Chicago is one of the low-income areas of the City of Chicago that qualifies for fast $5,000 loans to help support small family businesses through the Microbusiness Recovery Grant Program.

Click here for information and to apply on the City of Chicago website. Applications are due by 5 p.m. on Monday, May 4!

Illinois 1st District State Senator Antonio Munoz shared a press release providing details about the program:

Munoz urges microbusinesses to apply for new grant program

CHICAGO – To help family businesses struggling to stay open during the coronavirus pandemic, Assistant Majority Leader Tony Munoz (D-Chicago) encourages eligible local business owners to apply for the new Microbusiness Recovery Grant Program.

“A number of our neighborhood businesses are ran by families and have few employees,” Munoz said. “I hope those businesses take advantage of this opportunity to avoid more business closures in our area.”

The Microbusiness Recovery Grant Program will award 1,000 businesses with four or fewer employees a one-time grant of $5,000. The grant money, funded entirely by private donations, must be used as working capital for expenses such as payroll, rent, insurance or taxes. Undocumented business owners with a valid form of identification are also eligible for this program.

Applications are available in English and Spanish on the City of Chicago’s website and are due by 5 p.m. on Monday, May 4.

Eligibility requirements for the program include:

  • Four or fewer employees,
  • Less than $250,000 annual revenue,
  • Located in the city of Chicago,
  • In business for at least one year,
  • 25% decrease in revenue due to COVID-19, and
  • Located in a low- or moderate-income Community Area
Applicants must provide a valid ID and completed W9 form. CityKey is an accepted form of ID. Recipients will be chosen by a lottery on May 11 and issued their grant within two business days.

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