The Gallery showcases their talent and add to the cultural districts presence. Musicians, singers, poets, visual artists, comedians and many others have shared their works at the Gallery. The Gallery is also home to Galeria Cuca, one of Chicago’s most visible Puerto Rican Artsist in Chicago. If your looking for a special gift or souvenir our gift shop has unique handmade Puerto Rican crafts and art for sale.
The Small Business Development Center (SBDC) at Puerto Rican Cultural Center Humboldt Park is a brand new initiative funded in part through a cooperative agreement with the U.S. Small Administration, the Illinois Department of Commerce and Economic Opportunity (DCEO) and the Puerto Rican Cultural Center. The SBDC at Puerto Rican Cultural Center Humboldt Park provides one-on-one expert business advising to entrepreneurs and small businesses owners. The purpose of an SBDC is to help foster small businesses and jobs by providing educational resources to business owners and those looking to start a business.
Location:
SBDC at Puerto Rican Cultural Center Humboldt Park
2606 W. Division Street, Chicago IL 60622
Education
Areas of Expertise
❖ Small Business Planning
❖ Entrepreneurship
❖ Management
❖ Digital Marketing
❖ Strategic Planning
❖ Ecommerce
❖ Higher Education
José E. López, Executive Director
Juan Carderón, Chief Operating Officer
Lisette Fuentes, Chief Financial Officer
Roberto Sanabria, Human Resources Director
Carlos Bosques, Director SBDC at Puerto Rican Cultural Center Humboldt Park
Nadya Henriquez, Business Advisor
SBDC at Puerto Rican Cultural Center Services
The center provides expert advice services and business analysis to existing and potential small business owners and entrepreneurs, in particular, those which are considered minorities and whose location is within underserved and historically disenfranchised communities.
COVID-19 NOTICE
Due to the Covid-19 regulations in Illinois, we are currently working remotely. If you need assistance to navigate the Covid-19 resources available to small businesses please send us an email at
SBDC@prcc-chgo.org. Below are some links to available resources for small business during this pandemic.
The SBA resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
For a list of approved lenders: Click Here
If you wish to do a lookup search of approved lenders by zip code: Click Here
Some lenders are accepting applicants from non customers.
Eligibility
The following entities affected by Coronavirus (COVID-19) may be eligible:
Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:500 employees, or
That meets the SBA industry size standard if more than 500
Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Sole proprietors, independent contractors, and self-employed persons
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender. https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form
The lesser of $10 million or 2.5 times the average total monthly payroll costs from the one-year period (look back) prior to the date of application. Express 7(a) loans available up to $1 million.
In addition to existing loans available under the SBA for Economic Injury Disaster Loans (EIDL), advance grants up to $10,000 can be made to provide immediate relief for small business operating costs for entities that apply for an Economic Injury Disaster Loan. Funds will be made within three days of a successful application.
Small businesses under 500 employees (including a cooperative, Employee Stock Ownership Plan or a
tribal small business), private nonprofit organizations, sole proprietorships (with or without employees),
independent contractors, and small agricultural cooperatives.
The SBA now has the Advance in place.
Applicants apply directly to the SBA. Interested borrowers can start the application process at the SBA’s website. The SBA notes that those who applied prior to the launch of this program on March 31st, 2020 will have to reapply through the streamlined application to be eligible for the advance.
Those businesses should receive notification that is the case via email, phone, and mail to advise them of that requirement.
Where can I find more information?
• The SBA COVID-19 response website continues to be updated as more information becomes available.
See Economic Injury Disaster Loans and Loan Advance.
• If a business wants to know the status of a loan, please call the Customer Service Center at 800.659.2955 to learn about your specific situation.
*Please note: businesses CANNOT receive an economic disaster loan and a Paycheck Protection Program loan for the same purpose. If you take advantage of an emergency EIDL grant advance up to $10,000, that amount is subtracted from the amount forgiven up to the Paycheck Protection loan. Businesses can also refinance an EIDL into the Paycheck Protection loan for loan forgiveness purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness for a Paycheck Protection loan, remain a loan.*
In addition to existing loans available under the SBA for Economic Injury Disaster Loans (EIDL), advance grants up to $10,000 can be made to provide immediate relief for small business operating costs for entities that apply for an Economic Injury Disaster Loan. Funds will be made within three days of a successful application.
Applicants apply directly to the SBA. Interested borrowers can start the application process at the SBA’s website.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. For more information click here:
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes. These FAQs will be updated to address additional questions as they arise.
Click here for IDES COVID-19 unemployment benefits.
IDES has assembled FAQs about Unemployment Insurance and the COVID emergency
As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:
SBA has notified 7(a), 504 and Microloan Lenders that it will pay these borrower loan payments. Lenders have been instructed to refrain from collecting loan payments from borrowers. If a borrower's payment was collected after March 27, 2020, lenders were instructed to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after SBA's payment.
Borrowers should contact their lender if they have any questions regarding this payment relief.
This $60 million fund will support low-interest loans of up to $50,000 for small businesses in every industry.
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are partnering with Accion, the Illinois Bankers Association and the Community Bankers Association of Illinois to create this fund. Loans will be supported by a $30 million loan loss reserve, consisting of $20 million of DCEO funds and $10 million in funds secured with the partnership with the Illinois banking community.
Businesses with fewer than 50 employees and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at 3% interest for the remainder of a five-year loan term.
DCEO is partnering with Accion Serving Illinois and Indiana to provide access to the Small Business Emergency Loan Fund in your area. You can initiate an application with Accion here.
This new $20 million program supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO's Office of Community Development.
These grants will offer businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. The program redeploys Community Development Block Grant funds to support local small businesses.
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO launched the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds will support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Bars and restaurants that generated between $500K and $1M in revenue in 2019are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.
The Hospitality Emergency Grant Program application is now closed. Businesses that are selected to receive the grant will be notified by Accion, the program administrator, on April 4.
Applications for loans through the Chicago Small Business Resiliency Fund are now closed.
The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. As a response to this challenge, the City of Chicago has established the Chicago Small Business Resiliency Fund to provide small businesses and non-profits with emergency cash flow during this health crisis.
Applications for loans through the Chicago Small Business Resiliency Fund have closed. Loan applications continue to be processed through lending partners, including Accion Serving Illinois and Indiana, Chicago Community Loan Fund, and the Community Reinvestment Fund, USA (CRF).
The Resiliency Fund is structured to complement the federal Paycheck Protection Program through the U.S. Small Business Administration. The City of Chicago has established Small Business Resource Navigators to provide one-on-one guidance to businesses to help them navigate the many available financial and support resources.
The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. While there are many loan opportunities available on the local, state and federal level, the City understands that not all businesses are able to take on debt during this challenging time.
To address this, the City of Chicago has established the Micro-business Recovery Grant Program. This program will distribute $5,000 grants to up to 1,000 businesses with four or fewer employees in low- and moderate-income areas of the city that have been severely impacted by COVID-19 and could most benefit from a grant. Applications are available now and will be open until 5:00pm on Monday, May 4. Grants will be distributed via a lottery, with winners equitably distributed across business types and eligible Community Areas based on population.
Rapid relief loans for small businesses, gig workers and independent contractors.
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 up to $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.
Frequently Asked Questions - English and Spanish
Application requirements:
Program details are in the process of being finalized. To learn more about the recovery initiative, the recovery fund, and to be the first to know when the application period opens, please complete this form.
One Fair Wage Tipped and service worker support fund – grant Cash assistance to restaurant workers, car service drivers, delivery workers, personal service workers and more who need the money they aren’t getting to survive. Learn More
Relief Fund - $500 grant
The PBA COVID-19 Relief Fund is designed to help support the licensed beauty professionals who have not been able to work or are experiencing financial hardships due to the COVID-19 outbreak. Learn more about how you can donate and/or apply today!
A directory of fundraisers for Chicago bars, venues, restaurants, and other service-based businesses that can use our help during the state-mandated shutdown. Learn More
A zero interest loans to get restaurants back running and direct relief to individual restaurant workers. Apply here Learn More
Bartender Emergency Assistance Program is for bartenders and their spouses who have experienced an emergency hardship or catastrophic event. Catastrophe/hardship must be documented. For more information Click Here
The Preservation Compact brings together the region’s public, private, and nonprofit leaders to preserve affordable multifamily rental housing in Cook County. See the COVID 19 resources available to landlords and tenants here Learn More
FREE virtual brief service and advice clinic featuring:
Expanded eligibility to give free legal advice to more nonprofits and small businesses that need help. Information about how to access federal, state, county, and City of Chicago loan funds Referrals to other organizations in Chicago that are providing more in-depth assistance to nonprofits and small businesses with actual loan applications Brief legal advice on issues including employment, leases, contracts, taxes, debt relief, real estate, dissolution or mergers.
The fund is a partnership between the City of Chicago, the State of Illinois, the broader philanthropic community, and the residents of Illinois. The Arts for Illinois Relief Fund is administered by Arts Alliance Illinois in partnership with 3Arts and Arts Works Fund, long-standing and trusted service organizations and grantmakers. Because of the magnitude of this crisis, we anticipate more requests for funding than there are funds to distribute. Although there is no explicit deadline, it may be necessary to close the applications when the funds are expended. Should additional funding become available, the applications will reopen.
2459 West Division Street Chicago, IL 60622
Phone: (773) 394 4935
