City of Chicago :: Loans over $ 50,000
Allies for Community Business (A4CB) provides the capital, coaching and collaboration entrepreneurs need to grow great businesses in their communities. As a non-profit community development financial institution, A4CB provides loans between $ 500 and $ 100,000 to fledgling, emerging and established businesses at fair prices. Additionally, A4CB provides free 1: 1 coaching to anyone who wants to start or grow a business.
Chicago, IL 60612
The Chicagoland Business Opportunity Fund offers small business loans for existing businesses that have not been able to obtain financing from a bank.
National African American Small Business Loan Fund
VEDC bankers brief
Veterans Small Business Loan Fund
200 E. Randolph Street,
Community Reinvestment Fund, USA is a small business nonprofit lender with over 25 years of experience helping entrepreneurs in Chicago and across the country access the financing they need to grow and create jobs. As a mission-driven lender, we strive to deploy capital for underserved small business owners, including minorities, women and veterans, and businesses located / or willing to locate in low income communities. On our online lending site, Connect2Capital, www.connect2capital.com, you can pre-apply for a loan with responsible terms and our staff will be there to help you every step of the way. We will take the time to discover the story behind your business, in order to say “yes” to your loan application.
801 Nicollet shopping center, office 1700W
Minneapolis, MN 55402
LISC is an SBA Community Advantage lender, and provides small business loans with a special focus on businesses in low to moderate income areas, start-ups (less than two years old), and veteran-owned businesses. The loan proceeds can be used for working capital, inventory purchases, equipment purchases, business acquisitions, leasehold improvements, real estate purchases, building construction, debt refinancing and start-up costs.
Vice-President, Small Business Loans
10 S. Riverside Plaza
Chicago, IL 60606
SomerCor 504, Inc. helps small businesses with loans that can often fall under the radar of commercial lending institutions. These loans help small business growth, job creation and economic development.
601 S. La Salle
Small Business Administration Loan Programs (SBA)
The SBA does not make loans directly, but does administer loan programs in Illinois through local lenders.
List of SBA lenders
Program 7 (a) is administered by local lenders. This is the SBA’s primary business loan program. It has broad eligibility requirements and credit criteria to meet a wide range of financing needs. To be eligible for an SBA guarantee, a small business must meet the lender’s criteria and requirements 7 (a). In addition, the lender must certify that he would not grant this loan under the terms and conditions offered unless he obtains an SBA guarantee.
The CDC / 504 program is administered by local lenders. This SBA program provides long-term, fixed-rate subordinated mortgage financing for the acquisition and / or renovation of fixed assets, including land, buildings and equipment. Virtually all types of small businesses are eligible for this program.
Up to $ 5 million
DCEO loan programs
Participating banks lend under Illinois Advantage 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 how your business will operate. The lender should be able to help you find the right program and maximize their returns.
List of DCEO lenders
DCEO Advantage Illinois Participation Loan Program
This program is designed to enable small businesses to obtain medium and long-term financing, in the form of term loans, to help them grow and develop their businesses. Participation in the DCEO is subordinate to the lender and has a “below market” interest rate.
DCEO Advantage Illinois Minority and Women’s Participation Loan Program
This program is similar to the Standard Participation Loan Program. However, the amount of financial support may vary depending on the length of the loan and the controlling / majority ownership of MWDV.
The Access to Capital Program (CAP) is accessible through participating banks. Through the program, financial institutions are encouraged to provide equity financing loans to small and new businesses that do not qualify for conventional lending policies.
The collateral support program (CSP) is accessible through participating banks. It is designed to complement loan guarantees for small businesses and entrepreneurs to improve the equity and / or loan guarantee levels of these potential borrowers. The program provides collateralized collateral accounts to participating lending institutions. This program improves the guarantee of individual loans, while providing a source of deposits to lending institutions.