Small Business Administration (SBA) Loan. Behind every good business is a compelling vision. SBA 504 loans are for owner-occupied property financing (or refinancing) toward land and building purchase or enhancement, including equipment and fixture purchase. Significant business expansion from property acquisition. Click here to inquire about an SBA 504 loan. Visit chicagoelections.gov to vote on or before November 3rd. The list is updated as new programs are added and others are closed. SBA loans typically have rates and fees comparable to other, non-guaranteed loans, and can come with lower down payments and sometimes, without collateral. And a need for capital. Loan amounts can be small or large, and used to purchase a business, finance franchising, restructuring, expansion, machinery & equipment, construction, and real estate acquisition, development and refinancing. The Business Interruption Grant (BIG) program is a $636 million program developed by Governor Pritzker and the Illinois General Assembly to provide economic relief for small businesses hit hardest by COVID-19. SBA loans are partially guaranteed by the government and provide long term loans to small businesses. Start or expand your business with loans guaranteed by the Small Business Administration. Your business needs to be nimble and have the ability to jump on opportunities that present themselves. The City of Chicago encourages you to make your plan to vote. Our banking team can assist with SBA 504 and SBA 7(a) loan programs. Our objective is to identify the best financial option for your business and guide you through the entire process. Our purpose is to guide your vision to reality through impactful financial solutions. Updated 8/27/2020 University of Illinois Extension's Community & Economic Development Team is dedicated to helping small businesses across Illinois navigate this difficult time. SBA Lender List : SBA 7(a) Loan Program The 7(a) program is administered through local lenders. For more than a quarter century, we have helped entrepreneurs like you obtain the financing they need to realize their business dreams. Illinois is doubling to $500 million the amount of loans Treasurer Michael Frerichs’ office is making available for small businesses hurting from the coronavirus outbreak. Use Lender Match to find lenders that offer loans for your business. FirstBank & Trust Routing Number | 111319347. The Treasury Department and the Small Business Administration released the names of employers getting more than $150,000 in Paycheck Protection Program loans. Illinois Small Business Emergency Loan $60 million for businesses in any industry Hopleaf has been featured on The Food Network as well as The Travel Channel and has earned a Michelin “Bib Gourmand” designation twice. Permit for Business ID and Advertising Signs, Vital Records from the Cook County Clerk's Office, AIC (Annual Inspection Certification) Inspections, Economic Disclosure, Affidavit, Online EDS, One Good Deed Chicago Volunteer Opportunities, City Council Office of Financial Analysis, Schedule an Appointment with a Business Consultant, Neighborhood Business Development Center (NBDC), National African-American Small Business Loan Fund, Local Initiatives Support Corporation (LISC), Up to $750K or up to 25% of the total project, Up to $100K or up to 50% of the total project. Due to COVID-19, voters are encouraged to Vote by Mail or Early Vote. And a need for capital. City of Chicago Neighborhood Opportunity Fund (NOF) grants are for commercial property acquisition, improvement or new construction in select commercial corridors on Chicago’s South, Southwest and West Sides. With our lending partners, we work efficiently and ethically to provide outstanding customer service and tangible results. We get how tough it can be. With more than $31,485.00 million dollars in grants and additional local government funding sources of $20,941.00 million dollars, the majority of the federal budget in government grants is put into the business sector every year as small businesses and large corporations are the foundation of the economic growth in Illinois. Funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs as defined in the eligible cost list. Our offices will be closed for the federal holiday on Monday, October 12, 2020. Leading with Small Business Administration (SBA) 504 loans, SomerCor offers a unique range of financial solutions to help grow your business. DLV Printing Services was founded in 1992 to provide quality printing, copying, silk screening and apparel embroidery for local businesses, schools, churches and municipalities. SBA loans are partially guaranteed by the government and provide long term loans to small businesses. That’s because business growth, job creation and community impact are our priorities. BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. Our team has the experience, technology, and industry best practices you can rely on for effective, customized financial solutions. Connect with a Business Banker to get started. As their popularity and business grew, Hopleaf, a gastro-pub located in the Chicago Andersonville neighborhood accessed multiple SBA 504 loans since 2012 to expand into two adjacent buildings. Tek Pak provides precision thermoforming packaging solutions for the electronics, healthcare and consumer industries. Illinois has made over $90 million in assistance available for small businesses outside of Chicago. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. Loan amounts can be small or large, and used to purchase a business, finance franchising, restructuring, expansion, machinery & equipment, construction, and real estate acquisition, development and refinancing. In 1997, the SBA honored them as Illinois exporter of the year. Check out this list of grants and loans available for small businesses affected by COVID-19. Whether you need more office space, new equipment, or just a line of credit, we have financial solutions to help your small business. The owner utilized an SBA 7(a) Community Advantage loan to purchase and renovate a larger facility for her growing business. Our Customer Care Center will be available from 7:00 a.m. – 9:00 p.m., and our ATMs, Telephone Banking, Online Banking and Mobile Banking are available 24/7 for your convenience. Small Business Administration (SBA) Loan Programs SBA does not make loans directly, but it administers loan programs in Illinois through local lenders. That’s why we never forget compassion, patience and honesty when we work with you. Purpose Driven. This is the SBA's primary business loan program. Can be applied to projects of any dollar amount. As a SBA lender, we work with business owners to offer favorable terms and local decision making. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. Our business bankers are experts at providing the right lending solution for any situation at the lowest cost to your business. Our Business Solutions High Yield Savings account for new and growing businesses looking to establish a savings plan and build cash on hand. Behind every good business is a compelling vision. PLEASE NOTE: Deposits made on bank holidays will be processed on the next business day. >Grant size ranges from $5,000-$150,000 based on business losses, >Eligible for-profit businesses located in Illinois, with less than $20 million gross operating revenue in 2019, and experienced net operating loss and reduced revenues due to COVID-19, Applications are being accepted and evaluated on a rolling basis and businesses will receive a decision within four to six weeks of submission. Over the course of 20 years, they have received five SBA 504 loans to purchase their building and equipment, and make leasehold improvements. City of Chicago Small Business Improvement Fund (SBIF) grants can be used in eligible TIF districts for the improvement of your commercial building interior, exterior, mechanical systems and more, or to acquire adjacent land parcels. Sign up for key updates and access to capital resources.
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