In an early-night speech, Mayor Lori Lightfoot announced that the city will launch a $ 100 million fund for Chicago small business loans. The fund “will provide targeted loans at low interest rates to severely affected small businesses … to provide neighborhood entrepreneurs with the necessary cash assistance.”
The fund includes a $ 25 million grant from the City of Chicago, $ 50 million in capital from the Chicago Treasurer Community Catalyst Fund, $ 10 million from urban investment group Goldman Sachs, $ 1 million from the fifth third bank and $ 250,000 from Clayco Construction. .
Lightfoot also thanked Citadel and Citadel Securities partners and CEO Ken Griffin, who donated $ 1 million to Chicago public schools and $ 1.5 million to the Greater Chicago Food Depot. “Ken and others are demonstrating better exceptional civic leadership,” said the mayor. Read the mayor’s full speech below.
Lightfoot announced tonight that Chicago Public Schools will be closed until April 20 and that students will return on April 21.
He also invited other representatives of the business community and philanthropic organizations and asked them to contribute to the fund. “It is a useful way to help our small businesses create paychecks, avoid layoffs, and survive in exceptionally difficult circumstances.”
Lightfoot said it is providing “extra help” to small businesses by extending deadlines for more municipal bottled water and pay rates, as well as entertainment, hotel, restaurant and parking taxes through April 30.
The mayor also urged the banks to ease foreclosures and the landlords “to give grace to tenants wherever possible in these difficult times. Nobody needs the added stress of the evictions, especially now.” . He thanked the Cook County sheriff, Tom Dart, for delaying clearance until the end of April.
Lightfoot reiterated its belief that Chicago’s finances could withstand the economic impact of the corona virus, and reminded consumers that the company had suspended car departure, delayed tax collection, and delayed payment plans for the city’s debt. Cities, administrative court data and debt control of transportation and taxi drivers by April 30.
The mayor thanked the Illinois Congress delegation for instigating aid to Washington and said: “The federal stimulus packages should provide immediate help to people, not just large companies, through such aid. This expansion and increase in benefits, unemployment and more grants and Loans to small businesses “and that the consequences of the virus” can only be solved with billions “by the federal government.
The city survived heat waves, polar swirls, recessions, depressions, two world wars and the big fire, the mayor said, but “moving forward together” and the local economy “grew rapidly and quickly recover from these crises.”
“Resistance and determination are anchored in our DNA, and as a people, this is the time to prove to ourselves and a nation that we can fold in Chicago but never be broken.”
The fund will accept applications from March 31. To be eligible, COVID-19 requires companies to certify an income reduction of more than 25 percent, employ fewer than 50 workers, and generate gross income of less than $ 3 million in 2019. Businesses must return on October 2019 and submit their last tax return.