The Illinois Department of Commerce and Economic Opportunity (DCEO) Office of Economic Equity and Empowerment has launched a new grant program to support small businesses owned by Socially and Economically Disadvantaged Individuals or very small businesses with funding for capital and infrastructure projects. Applications are accepted through Monday, April 7, 2025 at 5 PM.
Archives: Programs
Program Description
Illinois Grocery Initiative – Equipment Upgrade Program
15 grants of $25,000 – $250,000 are available for new energy-efficient equipment upgrades for independently-owned grocery stores, cooperatives, or not-for-profit grocery stores in Illinois. Deadline December 15, 2025, or until funds are exhausted (rolling applications).
Pursuit Lending
Pursuit enters the Illinois small business market through the Advantage Illinois program and the Entrepreneurs of Color Fund, but we also offer SBA 7(a) financing in the state up to $350,000.
Galaxy of Stars Business Directory Grant
Businesses who list their small business in the Galaxy Small Business Directory are given the opportunity to win a $1,500 grant.
Women’s Business Development Center Direct Lending Program
Term loans from $15,000 to $50,000, for those one year or more in business, no minimum credit score, collateral required.
Regional Development Company 504 Loan Program
The Small Business Administration’s 504 Loan Program is a long-term financing tool for economic development within a community. The SBA 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings and large equipment.
Commercial Property Assessed Clean Energy (C-PACE) Financing for Clean Energy Building Improvements
C-PACE is an innovative program that enables commercial property owners to obtain 100% long-term, fixed-rate financing for energy efficiency, renewable energy, resiliency, water use and electric vehicle charging building improvements.
The Illinois Innovation Venture Fund (INVENT)
The Illinois Innovation Venture Fund (INVENT) is a $114 million direct equity capital program for founders and communities that have faced barriers to accessing capital.
Berwyn Development Corporation Finish Line Grant for interior and exterior renovations
Looking to replace your awning or renovate your building? You may be eligible for the BDC’s Finish Line Grant. This grant program assists businesses and property owners with interior and exterior renovation costs, such as awnings, façade improvements, rodent abatement, and buildouts.
Advantage Illinois’ Loan Guarantee Program SSBCI 2.0 Small Business Growth Program for Illinois Entrepreneurs
Advantage Illinois’ Loan Guarantee Program supports business applicants who are having difficulty gaining access to capital by using funds to guarantee a percentage of loans provided by partner lenders. Advantage Illinois accelerates investments and eases the credit crunch for small businesses, thanks to more than $78 million from the federal State Small Business Credit Initiative (SSBCI) of the Small Business Jobs Act of 2010. Find a list of participating lenders, FAQs and more below.