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
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
- 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.
Download Neighborhood Transformation Loan Fund Application
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.
City of Chicago Small Business Development Loan Fund
This Fund is made available through a partnership of the City of Chicago, LaSalle Bank, 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
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.