Supporting Information Facts
City Services

Loans Over $50K

Provider

Amount

Contact   
Accion Chicago
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 to $50,000 to $100,000 with terms from two to 72 months. Accion offers fast turnaround and flexible requirements.
Accion Chicago Fast Facts
Accion Chicago Fast Facts Spanish
 $50K-$100K  
1436 W. Randolph St.
Suite 300
Chicago, IL 60607
312.275.3000
info@accionchicago.org
VEDC/Chicagoland Business Opportunity Fund
The Chicagoland Business Opportunity Fund provides 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
Veteran Small Business Loan Fund

$50K-$500K Torrence Moore
200 E. Randolph St.,
Suite 1500
312.577.7589
tmoore@vedc.org
Community Reinvestment Fund, USA
Community Reinvestment Fund, USA is a non-profit small business lender with more than 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 to underserved small business owners including minorities, women and veterans, and businesses located/or willing to locate in low-income communities. At 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 find the story behind your business, with an eye towards saying “yes” to your loan request.

$50k - $4 million
Maddie Larson
801 Nicollet Mall, Suite 1700W
Minneapolis, MN 55402
612-224-9590
Maddie@crfusa.com
Local Initiatives Support Corporation (LISC)
LISC is a SBA Community Advantage lender,  and provides loans to small businesses with a particular emphasis on businesses in low-to-moderate income areas, startup businesses  (less than two years old), and veteran-owned businesses.  Loan proceeds can be used for working capital, inventory purchases, equipment purchases, business acquisitions, tenant improvements, real estate purchases, building construction, debt refinancing, and startup costs.
$50K-$250K Mary Los Klasen
VP, Small Business Lending
10 S. Riverside Plaza
Suite 1700
Chicago, IL 60606
312.697.6456
mlos@newmarkets.org
SomerCor 504, Inc.
SomerCor 504, Inc. assists small businesses with loans that often times might fall under the radar of commercial lending institutions.  These loans assist in small business growth, job creation and economic development.
$50K-$250K Carlissa Dunteman
601 S. La Salle
Suite 510
847.239.3406
cdunteman@somercor.com

Small Business Administration (SBA) Loan Programs

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

Up to $5 Million  
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.

Up to $5 Million

 

DCEO Loan 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.
DCEO Lender List
800.252.2923
CEO.AdvantageIllinois.gov

For Property Improvements
DCEO Advantage Illinois Participation Loan Program
This program is designed to enable small businesses to obtain medium to long-term financing, in the form of term loans, to help them grow and expand their businesses. DCEO participation is subordinated to the lender and has a "below market" interest rate.

Up to $750K or up to 25% of the total project  
For Property Improvements
DCEO Advantage Illinois Minority & Women Participation Loan Program
This program is similar to the Standard Participation Loan Program. However, the amount of financial support may range depending on loan term and MWDV majority control/ownership.

Up to $100K or up to 50% of the total project  
DCEO Advantage Illinois Capital Access Program
The Capital Access Program (CAP) may be accessed via participating banks. Through the program, financial institutions are encouraged to make capital financing loans to small and new businesses that do not qualify under conventional lending policies.

Up to $1 Million  
DCEO Advantage Illinois Collateral Support Loan Program
The Collateral Support Program (CSP) may be accessed via participating banks. It is designed to supplement loan collateral of small businesses and entrepreneurs to enhance the equity and/or loan collateral levels of these potential borrowers. The program supplies pledged collateral accounts to participating lending institutions. This program enhances the collateral of individual loans, while providing a source of deposits to lending institutions.
15-20% of Loan