Home to bustling cities and serene farmland, Illinois is a great place to operate a business. If you own a business in the Prairie State and need to know about funding opportunities, you’ve come to the right place. Below, you’ll find a list of business grants and loans available to Illinois-based businesses.
Department or Agency: Illinois Department of Commerce and Economic Activity
Loan or Grant title: Advantage Illinois – State Small Business Credit Initiative
Illinois’s State Small Business Credit Initiative (SSBCI) 2.0 Program—Advantage Illinois—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 help small businesses—especially underserved operations that face challenges accessing traditional funding—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 in Illinois and 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 Program (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 maximum loan amount is $200,000. Eligible Black-owned businesses can use the loan funds toward commercial real estate in the aforementioned areas of Chicago.
Department or Agency: Greenwood Archer Capital
Loan or Grant title: Small Business Loans
Greenwood Archer Capital also offers small business loans of up to $100,000 for both established businesses and startups that don’t have access to traditional financing. Term loan lengths can be up to seven years, with interest rates ranging from 3–6%. Businesses can use the funds for working capital, equipment and inventory, and startup expenses.
Department or Agency: Greenwood Archer Capital
Loan or Grant title: Healthy Living, Healthy Financing Program
Greenwood Archer Capital’s Healthy Living, Healthy Financing Program was created to help eliminate food deserts in low-to-moderate-income communities. Local food entrepreneurs can get a hybrid loan product of up to $100,000 to put toward startup financing, equipment financing, working capital, business office improvements, and more.
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 to 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 $10,00 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.
Department or Agency: Illinois Department of Commerce and Economic Opportunity
Loan or Grant title: Illinois INVENT (Illinois Innovation Venture Fund)
Part of the Illinois SSBCI, Illinois INVENT is a direct equity capital program that serves a variety of Illinois startups and small businesses. To apply for the INVENT fund, a company must have fewer than 750 employees, be registered in Illinois as a C-corporation, and have at least 51% of their employees based in Illinois. The INVENT fund gives priority to SEDI-owned businesses (Socially and Economically Disadvantaged Individuals) and Capital Disadvantaged Businesses (CDB).
Department or Agency: Illinois Department of Commerce and Economic Opportunity
Loan or Grant title: Business Attraction Prime Sites Capital Grant Program
The Business Attraction Prime Sites Capital Grant Program helps companies in Illinois with large-scale capital investment projects that lead to job creation in the state. Matching grants range from $250,000 to $25 million, depending on the project. Eligible businesses need to be relocating to or expanding within Illinois; have received approval for a REV, MICRO, EDGE, or HIB tax credit; and operate in either agribusiness and ag tech, energy, information technology, life sciences and healthcare, manufacturing, or transportation and logistics.
Department or Agency: Illinois Department of Commerce and Economic Opportunity
Loan or Grant title: SBIR/STTR Match Program
The Illinois Department of Commerce and Economic Opportunity provides a state match to companies that have received a Phase I award through a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grant program. The maximum award amount is $50,000.
Department or Agency: Illinois Department of Commerce and Economic Opportunity
Loan or Grant title: Equitable Energy Future Grant Program
The Equitable Energy Future Grant Program gives grants of up to $1 million to eligible equity contractors investing in renewable energy projects that meet specific criteria. Eligible projects must support low-income communities and provide on-the-job training to workers, among other criteria.
Department or Agency: Chicago Department of Planning and Development
Loan or Grant title: Small Business Improvement Fund (SBIF)
Chicago’s Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city. Tenants and owners of industrial and commercial properties in the city are eligible for grants that cover between 30-90% of the cost of remodeling, up to $150,000 for commercial properties and $250,000 for industrial properties.
Department or Agency: Chicago Department of Planning and Development
Loan or Grant title: Community Development Grant (CDG)
Community Development Grants are available to certain Chicago-based businesses whose business-related investments help maintain jobs and improve the quality of life for Chicago residents. There are three grants available: small grants of up to $250,000, medium grants between $300,000 and $5 million, and large grants of $5 million and up.
Department or Agency: Loop Counterpointe PACE
Loan or Grant title: Chicago PACE
The Chicago PACE program helps owners of commercial buildings in Chicago fund projects that involve renewable energy upgrades and energy-saving improvements. Eligible retailers, offices, manufacturing facilities, senior living facilities, and hotel and lodging establishments can get fixed-rate, long-term loans to cover everything from roof replacement to HVAC upgrades.
Department or Agency: Joliet City Center Partnership
Loan or Grant title: Incentive Program – Building Improvement Grant
The City of Joliet’s Incentive Program is designed to support businesses that have a physical location within the Joliet City Center Special Service Area. With the Building Improvement Grant, eligible businesses can get up to $75,000 to renovate the exterior or facade of their business facility.
Department or Agency: Joliet City Center Partnership
Loan or Grant title: Incentive Program – Catalytic Incentive Package
The Catalytic Incentive Package is a customized business assistance program designed to support projects that will have an outsized economic effect on Joliet’s Downtown Core Area. Eligible projects need to meet specific criteria, including the ability to create new jobs, bring in visitors, and generate significant retail sales taxes.
Department or Agency: Joliet City Center Partnership
Loan or Grant title: Incentive Program – Small Business Assistance Grant
The Small Business Assistance Grant gives microgrants to new businesses that are renting or leasing space within Joliet’s Downtown Core area. The grants can fund up to 50% of eligible project costs, up to $1,500. Businesses can use the funds for signage, interior fixture upgrades, remodeling, and more.
Department or Agency: City of Naperville
Loan or Grant title: Ogden Pole Sign Replacement Grant Program
The Ogden Pole Sign Replacement Grant Program gives certain businesses in Naperville matching grants to improve their signage and exterior aesthetic. To be eligible, businesses must be located along the East Ogden Avenue corridor, from Washington Street to Naper Boulevard, and currently have a legal but nonconforming pole sign located on their property.
Department or Agency: City of Peoria
Loan or Grant title: Commercial Renovation Grant Program
Peoria’s Commercial Renovation Grant Program gives local businesses between $5,000 and $25,000 to improve their facility’s interior or exterior. Eligible businesses must have 50 or fewer full-time employees and annual revenues under $1.5 million.
Department or Agency: City of Peoria
Loan or Grant title: Technology Industry Grant
Peoria’s Technology Industry Grant awards money to tech or tech-related businesses willing to relocate to or expand within Peoria. Grants are between $10,000 and $25,000; businesses can use the funds to cover their lease or mortgage, pay for operational expenses, or put toward working capital.
Department or Agency: Champaign County Chamber of Commerce
Loan or Grant title: Champaign County Chamber Microloan Program
The Champaign County Chamber Microloan Program supports Champaign County entrepreneurs with a focus on minority-owned and women-owned businesses. Eligible businesses can get a loan of up to $15,000 with a 3% or lower interest rate and flexible payback period.
Department or Agency: Champaign County Chamber of Commerce
Loan or Grant title: Storefront Improvement Program
Champaign County’s Storefront Improvement Program gives eligible businesses grants to cover up to 50% of the cost of remodeling or renovating their facility’s exterior, up to $10,000. To be eligible, businesses must be located in the East University Avenue Tax Increment Finance Districts.
Department or Agency: Champaign County Chamber of Commerce
Loan or Grant title: Redevelopment Incentive Program
The Redevelopment Incentive Program is a tax increment finance program that helps business owners in the East University Avenue District with major building renovations. Eligible businesses can get up to 20% funding to cover their projects, up to $100,000.
