The Revolving Loan Fund supports local businesses “as neighbors”
Cook County boasts a robust small business community, and the Revolving Loan Fund (RLF) supports local entrepreneurs with gap loans.
Pat Campanaro is a member of the RLF committee and advocate for small businesses in Cook County. She told WTIP that when bank loans fall short for small business needs, the RLF can make a big difference. She said, “If a small business can’t get that final piece of funding, typically they’ll have to wait. Or many of them just don’t do it. So it is it plays a critical role.”
The process for applying for a loan through the RLF is similar to a bank loan. Applicants submit documents, including proof of income and a business plan, but Campanaro said that it is more personal. She said, “It’s a lot friendlier, because the people on the revolving loan fund are really here to help. And that’s how we approach it – as neighbors.”
Campanaro said that the RLF seeks especially to support businesses and projects that will contribute to the economic strength of the entire community. She said, “If you have something that’s really going to develop our tax base, that’s going to hire more employees, that’s really going to spur the products or services available, not just to here in Cook County, but across the region, we’re here for that kind of service.”
While the RLF caps the individual loans they award at $250,000, Campanaro explained that there is not a specific budget for the organization. She said that since there is a constant flow of money being paid back to the RLF, they are able to continuously offer more loans. She said, “There is always going to be money in this fund, because we’re self sustaining. So we don’t really worry about budgets as much.”
Applications are accepted on an on-going basis, and Campanaro said that interested business owners should not hesitate to contact the RLF with questions. She also pointed to the Small Business Development Center as a good resource for entrepreneurs looking for assistance.
WTIP’s Kirsten Wisniewski spoke with Pat Campanaro about the Revolving Loan Fund, and how residents can access business support. Audio from that interview is below.
Kirsten Wisniewski April 9, 2024
