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 two to 72 months. Accion offers fast turnaround and flexible requirements.
|Up to $50K||1436 W. Randolph St.
Chicago, IL 60607
|Chicago Neighborhood Initiatives (CNI)
The Chicago Neighborhood Initiative's Micro-Finance Group (CNIMFG) makes loans up to $50,000 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. The Chatham Business Association Community Lending Initiative hosts monthly microlending workshops for those interested in the CNI loans. Please visit their website for workshop dates.
|Up to $50K||
Chicago Neighborhood Initiatives
QBG Foundation Building
800 E. 78th St.
Chicago, IL 60619
|Duman Entrepreneurship Center @ JVS Chicago
The Duman Entrepreneurship Center Loan Fund makes loans up to $15,000 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.
|Up to $15K||
Kiva Zip is an online platform that allows underserved entrepreneurs to access 0% interest small business loans up to $5,000 (second loans up to $10,000). These loans are crowdfunded online by individual lenders, connecting borrowers to potential customers, brand ambassadors, and community. Kiva Zip evaluates creditworthiness based on a borrower’s character and standing in the community, rather than the strength of his/her credit score or bank balance. Part of the nonprofit Kiva, Kiva Zip aims to expand financial opportunities for entrepreneurs, reduce the cost of capital, and enhance connections between lenders and borrowers.
|Up to 10K||Learn more and apply online at www.kivazip.org.
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|North Side Community Federal Credit Union
If you are a small business owner or are planning on starting a small business, you may be eligible for a Small Business Loan from North Side Credit Union. The Small Business Loan can help you start or grow your business. You can borrow up to $50,000 ($15,000 for a start-up). Rates vary based on income and credit history for a maximum 5 year term. You must be eligible for credit union membership and be at least 18 years old.
|Up to $50K||
1011 W. Lawrence Ave.
|Women's Business Development Center (WBDC)
Loans up to $25,000 are available for new and existing small businesses in the City of Chicago and are targeted towards businesses operating in low to moderate income communities.
|Up to $25K||8 S. Michigan Ave.
Chicago, IL 60603