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Noteworthy News
An electronic newsletter for Tinley Park businesses
April 14, 2020

Cook County Community Recovery Fund
Cook County’s Bureau of Economic Development has launched the Community Recovery Fund as part of the Community Recovery Initiative. This loan fund offers one-time, zero-interest loans of as much as $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County.

Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders. Applications open in mid-April on a first-come, first-served basis.

To apply, businesses and independent contractors in suburban Cook County must meet these requirements:

Small Businesses 
  • Fewer than 25 employees
  • Less than $3 million in revenue

Gig Workers 
  • At least half of income from 1099 contract work
  • Less than $100,000 in gross annual income

To learn more about the initiative and sign up for updates on when the application period opens, please complete this form. Updates will be sent on a regular basis.
Small Business Emergency Loan Fund
The Illinois Department of Commerce and Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) have established the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of as much as $50,000.

Businesses located outside of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will pay nothing for six months and will then begin making fixed payments at a below-market interest rate for the remainder of a five-year loan term.

Loan funds must be used for working capital, and at least 50% of loan proceeds must be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave and group healthcare benefits. Eligible uses will exclude compensation in excess of $100,000. Loan guidelines include:

  • Term and Interest Rate: The Emergency Loan is offered as a five-year term loan at 3% annual interest. Payments are deferred for six months, and fixed principal and interest payments will be due after the initial deferral. The loan may be repaid early without penalty.
  • Loan Amount: Borrowers may receive as much as $50,000, with borrower loan amounts determined by average monthly revenues prior to COVID-19.
  • Loan Uses: Loan funds must be used for working capital, and at least 50% of loan proceeds must be applied toward payroll or other eligible compensation, with a commitment to hire or retain at least 50% of a business workforce for six months.

To apply, please visit the Accion website.
Curbside pickup available for all businesses
During the COVID-19 pandemic, which has forced all “non-essential” businesses to temporarily close, many Tinley Park restaurants have begun offering curbside pickup as a means to stay financially viable. But did you know that all businesses, regardless of essential status, have this option?

For more information, please call Economic Development Manager Priscilla Cordero at (708) 444-5110 or send an email to COVID19inquiry@TinleyPark.org.
Watch the Village's recent business webinar
The Village hosted a webinar for businesses on April 9 that provided details on how to apply for grants and loans related to the new federal stimulus package. Watch the meeting now on GoToMeeting.

Also remember to check out the Business COVID-19 Resources page on the Village website, which contains a wealth of helpful information to help Tinley Park businesses through these difficult times. We're here to help!
Village of Tinley Park
16250 S. Oak Park Avenue Tinley Park, IL 60477
(708) 444-5000
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