There are a number of opportunities to start a business in Chicago.
Business owners in the state of Illinois may register as a minority or women-owned business by meeting specified criteria. In order to qualify, a business must be one that is 51 percent or more owned or controlled by women or minorities, which include African-American, Hispanic, Asian or Native American. Qualifying for specific loans or grants is among the benefits of registering as a minority-owned business in Illinois. However, grants are generally provided to non-profit organizations that support small businesses, while for-profit businesses must find capital on their own.
Minority, Veteran, Women and Disabled Participation Loan Program (MVWD/PLP)
Businesses that meet the criteria of being a minority-owned small business can apply for a loan through the MVWD/PLP program. The MVWD/PLP program is an initiative of the Illinois Department of Commerce and Economic Opportunity (DCEO) and provides loans in amounts up to $50,000 to qualifying small businesses. Funds distributed through this program may be used for most aspects of running a business, including machine installation and land purchase, though may not be used to pay off existing debts. The DCEO establishes interest rates at the time of participation.
For more information contact:
Illinois Department of Commerce &
Economic Opportunity
Business Finance Division
500 East Monroe
Springfield IL, 62701
217-782-3891
ACCION Chicago
ACCION Chicago provides microfinance opportunities for small businesses in the Chicago area. ACCION provides opportunities for businesses who, otherwise, would not qualify for a small business loan because of limited credit or other factors. As a part of ACCION's mission, the organization provides training and resources, in addition to loans to ensure the success of its clients. ACCION Chicago lends up to $25,000 with terms ranging from 2-60 months and with interest rates starting at 12.5 percent. Applicants must pay a $25 application fee as well.
For more information contact:
ACCION Chicago
312-275-3000
info@accionchicago.org
The City of Chicago's Small Business Improvement Fund (SBIF)
While the SBIF does not provide start-up funding, this grant allocates funding to small businesses to improve their properties. As it is a grant, the SBIF funds provided do not have to be repaid. The SBIF provides up to $50,000 for improvement projects, such as new windows, floors or roof and sign removal and replacement. Interested applicants should note, however, that the SBIF is a re-payment program for work already completed.
City of Chicago Community Development
121 North LaSalle St.
10th Floor
Chicago, IL 60602
cityofchicago.org
Tags: ACCION Chicago, small businesses, City Chicago, Commerce Economic, Commerce Economic Opportunity
