Starting or expanding a business in Chicago requires access to various funding options. This toolkit provides a comprehensive guide to local grants, loans, and investment opportunities available to businesses in the Windy City.
Grants are non-repayable funds provided by government bodies, non-profits, and other organizations. They are highly competitive but can provide significant financial support.
The SBIF offers grants to businesses to repair or remodel their facilities. The fund covers up to 75% of the cost, with a maximum grant amount of $150,000 for commercial properties and $250,000 for industrial properties.
The NOF provides grants to support commercial and cultural projects in underserved neighborhoods on Chicago’s South, West, and Southwest sides. Grants range from $50,000 to $250,000.
The DCEO offers various grants for business development, including the Rebuild Distressed Communities Grant and other industry-specific grants.
Loans are borrowed funds that must be repaid with interest. Several local organizations offer favorable terms for small businesses.
CMI provides small loans to new and existing businesses that may not qualify for traditional bank loans. Loans range from $500 to $25,000.
CCLF offers flexible loans for real estate development, business expansion, and other needs. Loan amounts vary based on the project.
Accion provides loans to small businesses, with amounts ranging from $500 to $100,000. They focus on minority, women, and immigrant-owned businesses.
Investments come from individuals or organizations that provide capital in exchange for equity or a return on investment.
Hyde Park Angels is one of the largest angel investing groups in the Midwest, focusing on early-stage tech startups. They provide both funding and mentorship.
Chicago Ventures invests in seed-stage companies in various sectors, including technology, consumer products, and healthcare.
Chicago ArchAngels is a network of accredited investors who provide equity capital to early and mid-stage businesses.
SBDCs provide counseling, training, and technical assistance to small businesses and entrepreneurs.
SCORE offers free business mentoring and workshops to help small businesses grow and succeed.
Securing funding is a crucial step in launching or expanding a business in Chicago. By leveraging local grants, loans, and investment opportunities, businesses can access the financial resources they need to thrive. Explore the options listed in this toolkit, and reach out to the respective organizations for more detailed guidance.
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