RESOURCES
Explore grants, loans, and alternative funding sources for your business.
- Loans: Funds borrowed from banks, credit unions, or online lenders, which must be repaid with interest over time. Loans often require collateral or a solid credit history.
- Grants: Funds provided by government agencies, foundations, or organizations that do not require repayment but are usually taxed. Typically awarded based on specific eligibility criteria or project goals.
- Alternative Funding: Non-traditional funding options, including crowdfunding, angel investors, or microloans. These can offer flexible terms and access for businesses with less conventional needs.
- Federal
- State
- City
- Corporations/Nonprofits
- CIBC Entrepreneur Loan Program: The program supports startup or early-stage small businesses that have completed a CIBC-approved entrepreneur training program (GROW/PROGRESANDO is an approved program) with important working capital. More information, here.
- Community Financial Institutions
- Allies for Community Business Small Business Loans: Accredited Community Development Financial Institution and U.S. Small Business Administration lender that strengthens small businesses by providing the capital, coaching, and connections entrepreneurs need to grow great businesses. More information, here.
- Greenwood Archer Capital: accredited Community Development Financial Institution lender providing flexible small business loans, paired with technical assistance, to support entrepreneurs and catalyze economic development throughout Cook County, Illinois. More information, here.
- Jewish Free Loan Chicago: zero-interest personal and small business loans to people and businesses throughout Cook County, serving borrowers of all backgrounds and faiths. More information, here.
- Pursuit Lending: empowering businesses through access to responsible capital and resources to reach higher, transform and grow. With more than 70 years of lending experience, you’ll find a wide selection of loan programs and advisory services to support businesses at any stage. More information, here.
- SomerCor: a nonprofit lender, certified by the Small Business Administration, that provides long-term, fixed-rate SBA 504 financing for small businesses to buy, build, or refinance commercial real estate and heavy equipment More information, here.
- Women’s Business Development Center: supports and accelerates business development and growth, connecting women and all diverse business owners to the coaching, contracts, and capital they need, in order to strengthen their participation in, and impact on, the economy More information, here.
- Federal
- State
- City
- Community Development Grants: These grants are part of the Chicago Recovery Plan and are administered by the Department of Planning and Development. These grants are meant to support small businesses, nonprofits and property owners for local commercial, mixed-use, and light manufacturing development. City staff will prioritize projects in areas of Chicago where there is a history of disinvestment or limited private investment. Applications are accepted on a rolling basis. More information, here.
- Neighborhood Market Grant Program: Through the Neighborhood Market Grant Program, the Chicago Department of Business Affairs and Consumer Protection (BACP) and Allies for Community Business (A4CB) will provide one-time grants to eligible small retail food businesses operating a physical storefront in priority geographies* across Chicago. The program will focus on businesses that are both economic anchors and food access points in neighborhoods historically impacted by disinvestment. More information here.
- Corporations/Nonprofits
- Chicago Emergency Relief Program: The Southern Smoke Foundation created this grant that provides emergency funding to those employed by or own restaurants or bars that are facing unforeseen expenses that cannot or will not be covered by insurance. More information, here.
- LISC and Verizon bring our business community access to Verizon Small Business Digital ready, a completely free online platform to help small businesses succeed. Register here, take a few classes and then apply for a $10,000 small business grant.
- I Fund Women Grants (multiple): IFundWomen is the go-to funding marketplace for women-owned businesses and the people who want to support them with access to capital, coaching, and connections. More information, here.
- Illinois Restaurant Association Educational Scholarship & Grant Application: One-time grants of $500 are available for employees of restaurants. More information, here.
- Ladies Who Launch helps a diverse community of women entrepreneurs find the education they need to launch, the support system they need and the funding opportunities they deserve. Check out their resources and navigator grants database here.
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Starting Your Business Quick List
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Business Plan Checklist
This checklist is provided to serve as a guide as you research
and develop your business plan
Helpful Links
City of Chicago
Cook County
State of Illinois
Federal Government
Small Business Assistance
Cook County Small Business Source
The Cook County Small Business Source strives to support, grow and elevate small businesses, the backbone of Cook County’s economy. This program directly connects small business owners with expert guidance and support to take businesses to the next level. Cook County established the award-winning program to ensure that businesses emerge from COVID-19 intact and positioned for growth.
LISC Small Business Services
Creating a successful small business requires grit, imagination, and key resources often lacking in communities of color. LISC bridges this gap with grants, loans, technical assistance, and borrower-friendly commercial and real-estate loan products, supporting systemically disadvantaged business owners, including people of color and women.
Small Business Majority
Small Business Majority is a national organization that empowers diverse entrepreneurs to build a thriving, equitable economy. They engage over 85,000 small businesses and 1,500 organizations to deliver resources and advocate for policies that foster inclusive small business growth. They work to ensure that entrepreneurs from all backgrounds have the support to succeed.
New Covenant Community Dev Corp.
NCCDC's been supporting small businesses and promoting economic development opportunities for budding entrepreneurs and business owners for over 10 years. A partner of the GROW/PROGRESANDO Program since 2020, NCCDC’s Business Financial Dashboard program will empower you to manage a flourishing business - By The Numbers!