Beyond Business Friendly

Business Financing

From small businesses to established enterprises, you’ll find funding options for expansion, equipment, working capital and refinancing. Our Business Development Team is here to help answer your questions and connect you with the resources you need.

Loans

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The Illinois Department of Commerce & Economic Opportunity

Advantage Illinois – Low-Interest Loan Programs

Advantage Illinois provides low-interest loans to socially and economically disadvantaged individuals and small businesses facing challenges in securing traditional financing. 

There are two available programs: 

  • Participation Loan Program (PLP) partners with local lenders by purchasing a portion of new loans
  • Loan Guarantee Program (LGP) provides a state-backed guarantee on a portion of the loan principal
  • All loans can be used for acquisition of fixed assets, including land, buildings, machinery and equipment, inventory, as well as working capital, leasehold improvements and accounts receivable   

For more information, visit the Advantage Illinois page.
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U.S. Small Business Administration (SBA)

SBA 7(a) Guaranteed Loan Program

The 7(a) Loan Program is the SBA’s primary business loan program, which provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7(a) loans can be used for:   

  • Acquiring, refinancing, or improving real estate and buildings
  • Short- and long-term working capital   
  • Refinancing current business debt   
  • Purchasing and installation of machinery and equipment, including AI-related expenses
  • Purchasing furniture, fixtures, and supplies   
  • Changes of ownership (complete or partial)   

For more information and a full list of requirements visit www.sba.gov.
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SBA 504 Debenture Program

The U.S. SBA 504 Loan Program, facilitated through Certified Development Companies (CDCs), offers long-term, fixed-rate financing for small businesses aiming to acquire major fixed assets that promote business growth and job creation.   

Certified Development Companies (CDC) authorized by the Small Business Administration partner with lending institutions to offer:

  • SBA 504 Loans which provide up to 90% financing for fixed assets, with low down payments and long-term, fixed interest rates
  • SBA 504 Refinancing Loans which allow small businesses to refinance existing debt related to fixed assets   
  • SBA Community Advantage Loans which provide financing in underserved markets with loans up to $350,000 through mission-focused lenders
  • Eligible uses include purchasing, constructing, or renovating commercial real estate, as well as acquiring long-term machinery and equipment

For more information visit www.sba.gov.

or contact a CDC servicing our area:
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The Illinois Finance Authority (IFA)

Invest in Illinois – Business Invest Program

Led by the Illinois State Treasurer's Office, Invest in Illinois drives economic growth through targeted investment initiatives in businesses, agriculture and non-profit community organizations. The Business Invest program partners with local banks and credit unions to provide either lower-rate loans or loans to a business or non-profit that would not otherwise qualify. -  These funds are designated to: 

  • Help businesses expand, purchase equipment, and manage working capital
  • Support underserved communities and industries, making capital more accessible to a broader range of businesses

Learn more at illinoistreasurer.gov.

Manufacturing Bonds (Industrial Revenue Bond)

The Illinois Finance Authority (IFA) issues tax-exempt Industrial Revenue Bonds (IRBs) to help manufacturing companies finance fixed assets like land, buildings, machinery, and equipment. Since the interest on these bonds is not subject to federal income taxes, lenders offer lower interest rates, allowing businesses to save significantly. 

Learn more at www.il-fa.com.

Not-For-Profit Bonds

The Illinois Finance Authority (IFA) issues tax-exempt Not-For-Profit Bonds to help non-profits fund major projects like facility construction, expansion, or equipment purchases. By acting as a conduit issuer, IFA passes along its tax-exempt status, allowing lenders to offer lower interest rates. This affordable financing supports non-profits, such as hospitals, schools, and cultural institutions.

For more information visit: www.il-fa.com.

Financing Programs

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Business Attraction Prime Sites Capital Grant Program

The Illinois Department of Commerce and Economic Opportunity offers the Business Attraction Prime Sites Capital Grant Program which provides grants for large-scale capital investments in Illinois that result in job creation. The program funds infrastructure improvements, facility upgrades, and equipment purchases to support business expansion or relocation.   

For more information, visit the Business Attraction Prime Sites Capital Grant Program Page.

Cook County C-PACE Financing

Cook County offers the Commercial Property Assessed Clean Energy (C-PACE) financing allows property owners to fund energy efficiency, renewable energy, and water conservation projects up to 100% with no upfront costs. Through long-term, fixed-rate financing, C-PACE helps commercial, industrial and multifamily property owners make sustainability upgrades that lower operating expenses and increase property value. The financing is repaid through a property tax assessment, making it a convenient and affordable solution for property improvements.

Learn more at www.iecapace.org.
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Energy Efficiency Programs from Nicor Gas and ComEd

Businesses can benefit from a variety of programs offered by Nicor Gas and ComEd to improve energy efficiency, reduce associated costs and enhance their sustainability profiles.

  • Nicor Gas offers rebates for high-efficiency heating equipment and custom incentives that target specific energy-saving measures tailored to specific business needs
  • ComEd provides a wide range of incentives and rebates for businesses that invest in energy-efficient equipment and lighting. They also provide facility assessments to help identify energy-saving opportunities

Learn more about these programs:

Illinois Angel Investment Tax Credit Program

The Illinois Department of Commerce and Economic Opportunity (DCEO) provides the Illinois Angel Investment Tax Credit Program offering tax credits to innovative, early-stage companies to help obtain the working capital needed to further the growth of their company in Illinois.

  • Tax credit of 25-35% of the investment, up to $2 million
  • Business must be certified as Qualified New Business Ventures (QNBVs)
  • Available to investors providing equity to QNBVs to stimulate growth and development

For more information, visit the Angel Investment page.
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HUBZone Program

Managed by the U.S. SBA, the Historically Underutilized Business Zones (HUBZone) program fuels small business growth in historically underutilized business zones with the goal of awarding at least 3% of federal contract dollars to HUBZone-certified companies annually. Benefits include competitive and sole-source contracting opportunities and a 10% price evaluation preference in full and open contract competitions. To qualify, a business must:

  • Be a small business and at least 51% owned by U.S. citizens
  • Have its principal office in a HUBZone
  • Ensure that at least 35% of its employees reside in a HUBZone

Learn more at www.sba.gov.