U.S. Bank Invests $200,000 in CCV's Neighborhood Transformation Loan Fund
In June, U.S. Bank announced its $200,000 investment in CCV's Neighborhood Transformation Loan Fund. The investment will allow CCV to continue offering innovative financing to small businesses located in Chicago's low and moderate income neighborhoods.
Through the Neighborhood Transformation Loan Fund, CCV provides term loans and contract financing between $25,000 and $250,000 with competitive interest rates (between Prime +1 and Prime +5) and a 2% origination fee. Term loans may be amortized for 1 to 7 years and contract financing may be amortized from 3 months to 2 years.
To be eligible for a loan through CCV's Neighborhood Transformation Loan Fund,
- 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.
For more information, please visit CCV's web site or call CCV at 773 822 0320.