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 Small Business Administration has constituted the Secondary Market Lending Authority program, one which aims to provide liquidity for the secondary market, thereby ultimately encouraging new lending opportunities from banks of Small Business Administration guaranteed loans.
The Small Business Administration has established the Historically Underutilized Business Zones (HUBZone) Empowerment Contracting Program wherein they aim to provide federal contracting assistance to eligible small business corporations which are located in underutilized business zones so as to improve their employment opportunities, investments, and their area's economic development.