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US Small Business Administration
The SBA offers access to capital and counseling to businesses seeking government contracts - a great resource for veteran business owners. View a full roster of services here.
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Small businesses can sample from a variety of loan options offered by Somercor, which also managers the Small Business Improvement Fund. SomerCor is also a member of Goldman Sachs' 10,000 Small Businesses Initiative, providing up to $250,000 to businesses that apply. Proceeds can be spent on working capital, business purchases, equipment and inventory, construction, real estate, and more.
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The Chicago Small Business Center is partnering with The PrivateBank to make no-fee, low-interest loans for local entrepreneurs who finish their free Start-Up Certificate Program. The program gives entrepreneurs the fundamentals to start, operate, and grow a small business. Participants complete a nine-workshop curriculum, all within six months of the first workshop.
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The Accion Opportunity Fund (AOF) is a national nonprofit lender offering affordable loans (from approximately $5K to $350K) and free business-coaching resources tailored for underserved entrepreneurs.
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Cook County Class L Property Tax Incentive
Cook County offers the Class L property tax incentive to encourage the preservation and rehabilitation of landmark commercial, industrial, and income-producing non-for-profit buildings. Owners can have their property tax assessment levels reduced for a 12-year period provided they invest at least half of the value of the landmark building in an approved rehabilitation project.
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Chicago Community Development Grants
The City of Chicago’s Community Development Grant program supports neighborhood vitality by offering Small (≤ $250K), Medium ($300K–$5M) and Large (>$5M) grants for commercial, mixed-use, industrial, cultural, and institutional projects.
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Cook County Illinois Manufacturing Reinvented Grant
The Manufacturing Reinvented Grant provides fully funded support for Cook County manufacturers seeking to strengthen operations, grow sales, develop leadership, and train their workforce. The program reimburses costs for projects that drive process improvements, strategic planning, marketing expansion, and employee skill development.
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The EDGE for Start‑ups Program is a tax‐credit incentive from the Illinois Department of Commerce & Economic Opportunity designed to help early-stage companies (incorporated within the last ten years and without prior Illinois income-tax liability) create jobs and invest in Illinois. It provides credits against Illinois withholding taxes—50% for new hires, 25% for retained jobs, and an additional 25% credit when located in underserved areas—plus a 10% credit on eligible employee training costs.
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Community Development Block Grant Economic Development Program
The Illinois Community Development Block Grant Economic Development Program (Notice of Funding Opportunity 1631-2890) offers federal grants ranging from $300,000 to $1,000,000, with a total funding pool of approximately $1.9 million, to support economic development initiatives in Cook County.