Home to bustling cities and serene farmland, Illinois can be a great state in which to operate a business. If you’re an Illinois-based business owner and you need funding, look no further. Below, you’ll find a comprehensive list of business grants and loans available to businesses that are based within the lovely state of Illinois. Read through now.
Department or Agency: Illinois Department of Commerce and Economic Activity
Loan or Grant title: Advantage Illinois – State Small Business Credit Initiative
Advantage Illinois SSBCI 2.0 offers two financing opportunities for in-state businesses with fewer than 750 employees. The Participation Loan Program was created to help Illinois businesses acquire low-interest term loans. The Loan Guarantee Program ensures partial repayment to the lender if the loan goes into default. Both programs are aimed at helping small businesses—especially those that are considered to be underserved and face challenges accessing traditional funding—to create and retain jobs. Funds can be used toward working capital, leasehold improvements, inventory, real estate, and more.
Department or Agency: Allies for Community Business
Loan or Grant title: Small Business Term Loans
Allies for Community Business offers term loans for small businesses located in Illinois as well as Indiana. Loans between $500 and $100,000 are available. The loan amount is based primarily on how likely businesses are to be able to repay the loans, as well as applicants’ management of debt over the previous two years. It is not based on credit scores or personal assets. The intention behind these loans is to provide opportunities for entrepreneurs (including those who are traditionally underserved by the financial sector) to grow businesses and create jobs in the community.
Department or Agency: Greenwood Archer Capital
Loan or Grant title: Your Forte, Our Finance (Commercial Real Estate Loan)
Greenwood Archer Capital is a 501c(3) Community Development Financial Institution (CDFI). The Your Forte, Our Finance program was created to increase opportunities for black entrepreneurs in the south and west sides of Chicago. The loan maximum is $200,000 and eligible black-owned businesses can use the loan funds towards commercial real estate in the aforementioned areas of Chicago.
Department or Agency: Illinois Valley Community Development Organization
Loan or Grant title: Revolving Loan Fund
The Illinois Valley Community Development Organization created the Revolving Loan Fund in 2000 in order to provide support and improve economic development in the Illinois Valley and across Josephine County. Through this financing opportunity, startups and traditional businesses looking to expand may be eligible to apply for a loan of up to $25,000.
Department or Agency: Southeastern Illinois Regional Planning and Development Commission (SIRP-DC)
Loan or Grant title: SIRP-DC Micro-Loan Program
The Southeastern Illinois Regional Planning and Development Commission’s Micro-Loan Program was created to assist small businesses in the region. The SIRP-DC service area includes the following counties: Gallatin, Hamilton, Hardin, Pope, and Saline. Loan funds are intended to support businesses that will create jobs, or those with high growth potential. This program is focused on helping businesses that have been turned down by other financial institutions or that have not been able to secure the amount of funding needed by other institutions.
Department or Agency: Southeastern Illinois Regional Planning and Development Commission
Loan or Grant title: SIRP-DC Revolving Loan Program
The Southeastern Illinois Regional Planning and Development Commission’s Revolving Loan Program was created to assist small businesses in the region. The service area of SIRP-DC includes the following counties: Gallatin, Hamilton, Hardin, Pope, and Saline. These funds are intended to support eligible projects at businesses that are just starting up or that are looking to expand. Some existing businesses in need of assistance to remain operational may even qualify for the Revolving Loan. This program is also aimed at incentivizing traditional financial institutions to participate.
Department or Agency: Berwyn Development Corporation
Loan or Grant title: Microloan Program
In an effort to improve commercial areas throughout the city and encourage economic development, the Berwyn Development Coalition and The City of Berwyn partnered to offer a microloan for startups and established businesses that have been turned down by conventional lending institutions. The small business microloans are available in amounts equal to or less than $10,000 and can be used toward working capital, facade improvements, and almost any other business expense. This program is for companies located in or relocating to Berwyn.
Department or Agency: Berwyn Development Corporation
Loan or Grant title: Commercial Loan Program
The Berwyn Development Coalition along with The City of Berwyn offers a commercial loan. These commercial loans are available in amounts greater than $10,001 and can be used toward working capital, facade improvements, and almost any other business expense. The Commercial Loan Program was created to assist startup and existing businesses—either already in Berwyn or relocating there—that are turned down by conventional lending institutions.
Department or Agency: Berwyn Development Corporation
Loan or Grant title: Berwyn Economic Development Administration Revolving Loan Program
The Berwyn Development Coalition offers small business revolving loans in amounts up to $625,000. The funds can be used toward working capital, facade improvements, and almost any other business expense. This financial assistance was created to assist companies located in or relocating to Berwyn. Eligible businesses must have been turned down by traditional lending institutions and are required to present a rejection letter from a bank as part of the application. Additionally, for every $30,000 borrowed, eligible businesses must create one new job or retain one existing job.
Department or Agency: City of Chicago
Loan or Grant title: Neighborhood Opportunity Fund
The City of Chicago created the Neighborhood Opportunity Fund (NOF) in 2016 to develop commercial areas and stimulate economic growth in the city’s underserved communities. Business owners and property owners in Chicago’s west, southwest, and southside communities may be eligible for grants that support the construction and rehabilitation of commercial real estate. Funds may be used toward land and building acquisition, demolition, security measures, roofing, financing fees, and other business expenses. Grants up to $250,000 are available for small projects and between $250,000 and $2.5 million for large projects. Small projects must be located in an Eligible Commercial Corridor and large projects must be located in a Qualified Investment Area. Both geographic areas, along with other program specifics, are explained in greater detail on the NOF website.
