Last Updated on November 18, 2022 by admin
1. The first option is the Small Business Startup Grant from the City of Chicago. This grant is available to businesses that are located within the city limits of Chicago. To be eligible, your business must have less than 50 full-time employees. The amount of the grant ranges from $1,000 to $10,000.
2. The second option is the State Small Business Credit Initiative (SSBCI) from the Illinois Department of Commerce and Economic Opportunity (DCEO). This program provides loans and equity investments to small businesses in Illinois. To be eligible, your business must have fewer than 500 employees. The amount of the loan or investment varies depending on the project.
3. The third option is the Business Development Loans from the Illinois Department of Agriculture (IDOA). This program provides low-interest loans to businesses that are located in rural areas of Illinois. To be eligible, your business must be engaged in agriculture or agribusiness. The amount of the loan varies depending on the project.
4. The fourth option is the Community Development Block Grant (CDBG) from the US Department of Housing and Urban Development (HUD). This program provides grants to states and local governments to help with community development projects. To be eligible, your project must meet certain criteria set by HUD. The amount of the grant varies depending on the project.
5. The fifth option is the Microloan Program from the US Small Business Administration (SBA). This program offers loans up to $50,000 to small businesses and nonprofit organizations. To be eligible, your business must have less than 500 employees and meet certain SBA guidelines.
6. The final option is crowdfunding through sites such as Kickstarter or GoFundMe. With crowdfunding, you can raise money for your business by asking friends, family, and strangers to donate money to your cause. There is no eligibility requirements for this method other than having an account on one of these platforms.