How to Apply for a Small Business Loan

A Step-by-Step Guide

Step 1: Determine your eligibility.

To be considered for a JFLC loan, prospective applicants must meet the following criteria:

  • The business is located in Cook County

  • The business has been in existence at least four months

  • The business owner meets the income limits based on your household size as stated in the chart on this page

  • The business owner agrees to personally guarantee the loan

    In addition, applicants must satisfy one of the following requirements:

  • Option 1: Provide a qualified guarantor

    A guarantor is someone who guarantees the loan in the even the borrower cannot or will not pay

    The guarantor must:

    • Not be the applicant's spouse

    • Have an annual gross income of at least $50,000

    • Have a credit score of 700 or higher

  • Option 2: Provide a character reference

    Applicants may submit a character reference from a trusted business advisor who is familiar with the applicant and their business in place of an outside guarantor

    If you choose to substitute a guarantor with a character reference, the applicant must have a credit score of 700 or higher

Para obtener la aplicación en español por favor escribir al: info@jflchicago.org

Borrower Income Limits

Your gross household income must be at or below the amount determined by your household size, as determined by the chart shown below. 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$97,865
2$111,780
3$125,810
4$139,725
5$150,995
6$162,150
7$173,305
8$184,460

Step 2: Complete an application.

  • JFLC small business loans range from $5,000-20,000. 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.

    Business Consultation Help (assistance in filling out this application):

Man on laptop

Step 3: 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 4: 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.


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