Learn More about CDFI's and Small Business Resources in Illinois see here
While the federal government does not provide grants for starting or growing small businesses, one of the mechanisms in place to promote small business growth and economic development is the Community Development Financial Institution Fund managed by the US Department of the Treasury.
Community Development Financial Institutions fall into four categories:
Bethel New Life, Inc
Chicago Community Loan Fund
Chicago Community Ventures
Chicago Development Fund
Community Revitalization Fund, Inc.
FBA Bancorp, Inc.
IBC Bancorp, Inc.
IBC Community Development Corporation
Illinois Ventures for Community Action
International Bank of Chicago
Nonprofit Financial Center
Peoples Economic Development Corporation
PGB Holdings, Inc
Sable Bancshares, Inc.
SBK New Markets Fund, Inc.
The Valued Advisor Fund, LLC
Urban Development Fund, LLC
Urban Enterprise Fund
The Program for Investment in Micro-Entrepreneurs Technical Assistance Program is designed to decrease the number of disadvantaged micro-entrepreneurs by helping them enhance their management capabilities, by way of providing them with technical assistance and training in the areas concerning activities that are associated with starting, expanding and growing their businesses.
The Recovery Capital Loans Program provides financial assistance to small business with less than 500 employees to obtain a deferred payment loan from the agency, in order to meet existing debt payments, thereby giving the business the opportunity to refocus their business strategy.