How to Apply for a Small Business Loan
A Step-by-Step Guide
Step One: Determine if you are eligible.
-
To be considered for a JFLC loan, prospective applicants must meet the following criteria:
Live in Cook County
Meet the income limits based on your household size as stated in the chart on this page
Have at least one guarantor who is not your spouse
A guarantor is someone who guarantees the loan in the event the borrower cannot or will not pay
Proposed guarantors must meet the following criteria:
Have an annual income of at least $40,000
Provide proof of good credit history
Please inform your proposed guarantor that they will receive an email from JFLC with further instruction.
-
Your household income must be at or below the amount determined by your household size, as determined by the chart shown to the right. These amounts are in accordance with 115% of the median-income for households in the Chicago area, based on the U.S. Department of Housing and Urban Development.
| Number of people in household (including applicant) | Upper Income Limit | |
|---|---|---|
| 1 | $96,600 | |
| 2 | $110,400 | |
| 3 | $124,200 | |
| 4 | $137,885 | |
| 5 | $148,925 | |
| 6 | $159,965 | |
| 7 | $171,005 | |
| 8 | $182,045 |
Step Two: Complete an application.
-
JFLC small business loans range from $5,000-10,000. Repayment terms vary up to 36 months. Our loans are always zero-interest. Apply for the amount that meets your business’s needs.
-
Inventory
Capital improvements
Marketing
Equipment
Working capital
Anything else relevant to running your business
-
Once you begin completing the application on the following pages you will not be able to save your work and continue completing it at a later date. Therefore, please make sure you have the following information handy:
Annual pre-tax income
Business financial statements
Social Security Number (or ITIN if you have one)
Please email us at info@jflchicago.org or call us at 312-344-3468 with questions or if you have any technical problems while completing or submitting this application.
Step Three: Schedule an interview.
After you submit your application, we will conduct a credit check for you and your guarantor. Afterwards, you will receive an email from JFLC to schedule a 45 minute online loan interview with JFLC representatives. You must respond to that email in order for us to continue your loan process.
Step Four: Wait for a decision.
Please note that we are currently experiencing high application volume. Applications are considered on a rolling basis and are processed as quickly as possible.
We will issue a decision within six business days of your loan interview.
