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
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
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
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
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
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.
On Thursday, August 1, 2019, North Side Community Federal Credit Union (NSCFCU) merged with Great Lakes Credit Union (GLCU). GLCU is eager to serve our new members and is happy to share that the existing Chicago Uptown branch will remain open and NSCFCU staff will become part of our GLCU family.
1011 W. Lawrence Ave.
Chicago, IL 60640
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
Loans Over $50K
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
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
Local Banks in Lakeview East:
MB Financial Bank
3228 N Broadway
3180 N Broadway
Fifth Third Bank
640 W Diversey
BMO Harris Bank
558 W Diversey Parkway
3170 N Broadway
Bank of America
3051 N Clark St
View Full List of Illinois Lenders
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.
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.
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.
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.