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Financial Assistance

Looking for some capital or need a loan to help open or operate your business?  The following resources can help you!  The Chamber also can meet with you privately to determine to best options to acquire fianancial assistance.

Loans Under $50K

IL SBDC/Duman Entrepreneursip Center @ JVS Chicago 
The Duman Entrepreneurship Center Loan Fund makes loans up to $15,000 to businesses who can demonstrate that the loan will help grow the business. These are 3-year term loans, with very low-interest rates and no penalty for early repayment. There is a low loan application fee and closing cost. The owners must personally guarantee the loan and the owners credit history will be reviewed.

Up to $15K 216 W. Jackson Blvd., Suite 700
Chicago, Illinois 60606

3525 W. Peterson Ave., 4th Floor
Chicago, IL 60659

Women's Business Development Center (WBDC)
Loans up to $25,000 are available for new and existing small businesses in the City of Chicago and are targeted towards businesses operating in low to moderate income communities.

Up to $25K 8 S. Michigan Ave. 
Suite 400
Chicago, IL 60603
312-853-3477 x560
Chicago Neighborhood Initiatives (CNI)
The Chicago Neighborhood Initiative's Micro-Finance Group (CNIMFG) makes loans up to $25,000 to new and existing small businesses operating primarily in economically undeserved communities in Chicago. Each loan must meet a community need and CNI’s goals of creating new and/or higher paying employment opportunities, saving existing jobs, creating more spending within the community, enhancing the profitability of businesses that will bolster household owner income, and promoting community development by revitalizing commercial strips and at-risk commercial areas in Chicago’s underserved neighborhoods. The Chatham Business Association Community Lending Initiative hosts monthly microlending workshops for those interested in the CNI loans. Please visit their website for workshop dates.

Up to $25K Chicago Neighborhood Initiatives
1000 E. 111th, St., 10th Floor
Chicago, IL 60628

Chatham Business Association
QBG Foundation Building
‚Äč800 E. 78th St.
Chicago, IL 60619
Northside Federal Community Credit Union 
Small business owner or are individuals who are planning on starting a small business may be eligible for a Small Business Loan from North Side Credit Union. The Small Business Loan can help individuals start or grow their business. They can borrow up to $35,000 ($15,000 for a start-up) and the rates are prime + 2% and for a maximum 5 year term.

Up to $35K 1011 W. Lawrence Ave.
Chicago, IL 60640
773-769-5800 x225
Accion Chicago is a not-for-profit microlender that provides loans and training to small business owners who lack access to traditional credit sources. Startup and existing small businesses can qualify for loans that range from $500 to $50,000 with terms from two to 72 months. Accion offers fast turnaround and flexible requirements.
Up to $50K 1436 W. Randolph St.
Suite 300
Chicago, IL 60607

Loans Over $50K



Chicagoland Business Opportunity Fund
The Chicagoland Business Opportunity Fund provides small business loans for existing businesses that have not been able to obtain financing from a bank.

$50K-$250K Cynthia Ryan
200 E. Randolph St., 
Suite 2200

Small Business Administration (SBA) Loan Programs

SBA does not make loans directly, but it administers loan programs in Illinois through local lenders.
SBA Lender List 




MB FINANCIAL BANK - Information for Growing Your Business

3228 N Broadway

(773) 880-7900


BYLINE BANK - Business Accounts

3180 N Broadway

(773) 244-7093

Contact: Bill Shepard


FIFTH THIRD BANK - SBA Lending, Lines of Credit, Loans, and Mortgages

640 W Diversey

(773) 327-2702


BMO HARRIS BANK - Small Business Financial Planning

558 W Diversey Parkway

(773) 880-2150


PNC BANK - Small Business Services

3170 N Broadway

(773) 665-5480


BANK OF AMERICA - Small Business Accounts

3051 N Clark St

(773) 244-7300



2827 N Clark

(773) 528-2800


SBA 7(a) Loan Program
The 7(a) program is administered through local lenders. This is the SBA's primary business loan program.  It has broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. To qualify for an SBA guaranty, a small business must meet the lender's criteria and the 7(a) requirements. In addition, the lender must certify that it would not provide this loan under the proposed terms and conditions unless it obtains an SBA guaranty.

Up to $5 Million  
SBA CDC/504 Loan Program
The CDC/504 program is administered through local lenders. This SBA program provides long-term, fixed-rate subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings and equipment.  Virtually all types of small businesses are eligible for this program.

Up to $4 Million


DCEO Loan Programs

Participating banks lend through Advantage Illinois programs. A consultation with a participating financial institution will include an assessment of your current or potential business strategy, expected performance and a review of the way your business will operate. The lender should be able to assist you in finding the right program and maximize its returns.
DCEO Lender List

For Property Improvements
DCEO Advantage Illinois Participation Loan Program
This program is designed to enable small businesses to obtain medium to long-term financing, in the form of term loans, to help them grow and expand their businesses. DCEO participation is subordinated to the lender and has a "below market" interest rate.

Up to $750K or up to 25% of the total project  
For Property Improvements
DCEO Advantage Illinois Minority & Women Participation Loan Program
This program is similar to the Standard Participation Loan Program. However, the amount of financial support may range depending on loan term and MWDV majority control/ownership. 

Up to $100K or up to 50% of the total project  
DCEO Advantage Illinois Capital Access Program
The Capital Access Program (CAP) may be accessed via participating banks. Through the program, financial institutions are encouraged to make capital financing loans to small and new businesses that do not qualify under conventional lending policies. 

Up to $1 Million  
DCEO Advantage Illinois Collateral Support Loan Program
The Collateral Support Program (CSP) may be accessed via participating banks. It is designed to supplement loan collateral of small businesses and entrepreneurs to enhance the equity and/or loan collateral levels of these potential borrowers. The program supplies pledged collateral accounts to participating lending institutions. This program enhances the collateral of individual loans, while providing a source of deposits to lending institutions.
15-20% of Loan  

 FOR MORE ASSISTANCE, CONTACT:  http://www.cityofchicago.org/city/en/depts/bacp/sbc/financial_resourceshome.html


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