In response to the evolving COVID-19 pandemic, the City of Chicago has joined the State of Illinois in issuing a Stay at Home order effective Saturday, March 21st at 5pm CT. In addition, City of Chicago facilities are closed to the public. Staff are prioritizing essential services to protect the health and safety of our residents and employees. As such, we may be delayed in responding to non-essential inquiries and service requests. To stay up to date on the City of Chicago’s COVID-19 response, please visit the City Coronavirus Response Center site.
Accion Chicago is a not-for-profit microlender that provides loans and free coaching to small business owners who lack access to traditional credit sources. Startup and existing small businesses can qualify for loans that range from $500 to $100,000. Accion offers fast turnaround and flexible requirements.
|Up to $100K||
135 N. Kedzie Ave.
|Duman Entrepreneurship Center @ JVS Chicago
The Duman Entrepreneurship Center Loan Fund makes loans up to $15,000 to businesses who can demonstrate that the loan will help grow the business. These are 3-year term loans, with very low-interest rates and no penalty for early repayment. There is a low loan application fee and closing cost. The owners must personally guarantee the loan and the owners credit history will be reviewed.
|Up to $15K||
Kiva Zip is an online platform that allows underserved entrepreneurs to access 0% interest small business loans up to $5,000 (second loans up to $10,000). These loans are crowdfunded online by individual lenders, connecting borrowers to potential customers, brand ambassadors, and community. Kiva Zip evaluates creditworthiness based on a borrower’s character and standing in the community, rather than the strength of his/her credit score or bank balance. Part of the nonprofit Kiva, Kiva Zip aims to expand financial opportunities for entrepreneurs, reduce the cost of capital, and enhance connections between lenders and borrowers.
|Up to 10K||Learn more and apply online at www.kivazip.org.
Contact firstname.lastname@example.org with questions.
|Women's Business Development Center (WBDC)
Loans up to $25,000 are available for new and existing small businesses in the City of Chicago and are targeted towards businesses operating in low to moderate income communities.
|Up to $25K||8 S. Michigan Ave.
Chicago, IL 60603