Small Business Loans
CCV operates two loan funds for small businesses. Please read below to find the program that is best for you or download our loan comparison matrix to compare the programs side by side.
Neighborhood Transformation Loan Fund
City of Chicago Small Business Development Loan Fund*
*CCV is not currently accepting applications for the City Loan Fund.
Contact CCV for more information
Neighborhood Transformation Loan Fund
This loan program provides small businesses in the area’s low and moderate income communities with term loans and contract financing.
Details- Loan amounts between $25,000 and $250,000
- Terms Loans may be amortized for 1 to 7 years and Contract Financing may be amortized from 3 months up to 2 years
- Competitive interest rates (between Prime +1 and Prime +5)
- 2% Origination Fee
- No Application Fee
Process
- Download Business Assessment Questionnaire.
- Return questionnaire. You will receive a response within 48 hours.
- A counselor will be assigned and an appointment will be set up to go over next steps.
- If you score over 75 on the questionnaire, you will be invited to go directly to our application process. The application is 2 pages front and back and an executive summary is required to be submitted with the application. (The executive summary should include, business description, company background, market & strategy, management team, goals & objectives, capital requirements and detailed use of funds, risk/opportunity.)
- In addition, you will need to submit financial statements for the last three years such as P&L, balance sheet, cash flow, tax returns and projections.
- Once everything is submitted and signed off on, an internal review will take place and a determination will be made on whether the application will go to the independent loan committee, additional TA is needed or you need to be refered to CCV's SBDC or other resources.
- The process is expected to take 2 to 4 weeks from the time everything is submitted and signed off on.
- If you score less than 75, then you must complete one or more training modules before filling out an application. Your assigned counselor will assist you in the areas identified as needing TA.
Eligibility Requirements
- Funds must be used for one of the following purposes: working capital; business or leasehold improvements; equipment/inventory; property acquisition; bridge loans; contract financing.
- Companies must have a minimum of 6 months of revenue history.
- Companies must be located in a low or moderate income area of Northern Illinois.
- Loan proceeds cannot be used for tobacco production, hard liquor production, beer wholesaler, wineries, casinos or other gamble ventures, fur production, currency speculation, securities investments, speculative industries, pornography related industries or contractors/construction lending.
Download Business Assessment Questionaire
Contact CCV for more information
City of Chicago Small Business Development Loan Fund*
*CCV is not currently accepting applications for the City Loan Fund.
This Fund is made available through a partnership of the City of Chicago, Bank of America, and Chicago Community Ventures. The Fund provides small businesses, operating in the City of Chicago and with revenues below $5 million, with needed capital to grow their business.
Minority-owned and woman-owned businesses are encouraged to apply.
Details
- Loan amounts between $25,000 and $250,000
- Terms Loans may be amortized for 6 months to 7 years and Purchase Order Financing may be amortized from 3 months up to 1 year
- Competitive interest rates
- Term Loans available with a fixed rate of Prime plus 1%
- Purchase Order Loans available with a variable rate of Prime plus 5%. Purchase order loans are intended for short term financing needs of no longer than one year. For any loan where the term is longer than three months there will be a quarterly adjustment of loan rates based on Prime.
- 1.25% Origination Fee
- $250 Application Fee in the form of a cashier's check (refundable if the application is denied)
- Funds must be used for one of the following purposes: equipment purchases; working capital; inventory; leasehold improvements; expansion; and contract/purchase order financing
- Companies must be located in the City of Chicago.
- Companies must have gross revenues less than $5 million
- Companies should be in compliance with all City of Chicago license requirements and not be delinquent on any city, state or federal obligations.
Some Considerations When Applying
In addition to the loan application and personal financial statements for the owners, businesses are required to complete an Economic Disclosure Statement and Affidavit. The form allows the City to run scoff law and child support checks on the owners of the business. This document is required of all entities that conduct business with the City of Chicago.
Guaranties are also required for anyone with 10% or more ownership interest in the applicant firm.
Download City of Chicago Small Business Development Loan Fund Application*
*CCV is not currently accepting applications for the City of Chicago Small Business Development Loan Fund.
Download Economic Disclosure Form Instructions
Download Economic Disclosure Form
Loan proceeds cannot be used for tobacco production, hard liquor production, beer wholesaler, wineries, casinos or other gamble ventures, fur production, currency speculation, securities investments, speculative industries, pornography related industries or contractors/construction lending.