Financial Assistance

Financial Assistance2018-02-20T11:40:04+00:00

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 financial assistance.

Loans Under $50K

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Duman Entrepreneurship Center, JVS Chicago

Loans Up to $15K

The Duman Entrepreneurship Center Loan Fund provides loans 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.

216 W. Jackson Blvd., Suite 700
Chicago, Illinois 60606
312-673-3429

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Women's Business Development Center (WBDC)

Loans Up to $15K

The Access to Capital Program focuses on helping business owners develop a better understanding of their business finances by providing financial assessment and counseling, loan application assistance, and direct lending.

8 S. Michigan Ave., Suite 400
Chicago, IL 60603
312-853-3477 x560

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Chicago Neighborhood Initiatives (CNI)

Loans Up to $25K

The Chicago Neighborhood Initiative’s Micro-Finance Group (CNIMFG) makes loans 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.

Chicago Neighborhood Initiatives
1000 E. 111th, St., 10th Floor
Chicago, IL 60628
773-341-2062

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Chatham Business Association, SBDI

Loans Up to $25K

Chatham Business Association is a small business resource center that offers an array of customized services and programs designed to assist businesses. Areas of assistance include: expansion and growth through economic development, strategic planning, technical training, business trend workshops, access to capital assistance, effective collaborative marketing programs and government certification.

Chatham Business Association
QBG Foundation Building
​800 E. 78th St.
Chicago, IL 60619
773-994-5006

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Northside Federal Community Credit Union

Loans Up to $35K

North Side Credit Union has a unique niche of serving people who are not using mainstream financial institutions or who may be experiencing financial challenges. We help our members access the tools they need to build long term financial stability.

1011 W. Lawrence Ave.
Chicago, IL 60640
773-769-5800

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Accion

Loans Up to $50K

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 2 to 72 months. Accion offers fast turnaround and flexible requirements.

1436 W. Randolph St., Suite 300
Chicago, IL 60607
312-275-3000

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Loans Over $50K

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Chicagoland Business Opportunity Fund

Loans Up from $50K to $500K

VEDC (Valley Economic Development Center) is a leading non-profit small business lender that has a 40 year history of changing the way small business lending is done by making it more available and impactful. With a growing footprint, VEDC has lent $400 million in direct and guaranteed loans to over 108,000 small businesses to create and retain more than 200,600 new jobs.

200 E. Randolph St., Suite 5100
Chicago, IL 60601
312-577-7624

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Small Business Administration (SBA)

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

500 W. Madison Street, Suite 1150
Chicago, IL 60661-2511
312-353-4528

Local Banks in Lakeview East:

MB Financial Bank
3228 N Broadway
773-880-7900

Byline Bank
3180 N Broadway
773-244-7093

Fifth Third Bank
640 W Diversey
773-327-2702

BMO Harris Bank
558 W Diversey Parkway
773-880-2150

PNC Bank
3170 N Broadway
773-665-5480

Bank of America
3051 N Clark St
773-244-7300

View Full List of Illinois Lenders

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.

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.

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Illinois Department of Commerce and Economic Opportunity Loans 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.

Standard Participation Loan Program (PLP)

Designed to enable small businesses to obtain medium to long-term financing, in the form of term loans, to help grow and expand their businesses. Department participation is subordinated to the lender and has a “below market” interest rate.

Minority/Women/Disabled/Veteran-Owned Businesses

Similar to Standard PLP; however, the amount of financial support may range depending on loan term, MWDV majority control/ownership.

Revolving Line of Credit (RLOC PLP)

Similar to Standard PLP except in the form of a revolving line of credit. Maximum term is two years and further support requires reapplication.

PLP Support of Small Business Administration SBA-7A Activity

Department support will be restricted to financing purposes other than those financed under the SBA-7A Guaranteed Loan. Department will participate in up to 50% of “Companion Loans” provided by the Lender to the same Borrower, and documented with separate, unguaranteed Notes.  Department support is subordinated to both the lender’s and SBA’s respective positions (when required).

PLP Support of Small Business Administration SBA-504 Activity

Department support is restricted to financing purposes other than those financed under the SBA-504 Structure. Department will participate in up to 50% of “Companion Loans” provided by the Lender to the same Borrower, and documented with separate Notes. Department’s credit exposure will be subordinated to the Lender’s, and when required, to the SBA’s interests as well.

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