Grant Opportunities & Business Resources
Grants for Small Businesses
Looking for funding opportunities? We keep this page updated with the latest in grant opportunities and small business resources. Check back regularly to take advantage of every opportunity.
Founders First Chicagoland Job Creators Grant is offering $100,000 in small business grants to 25 diverse-led businesses in Illinois and scholarships to their business accelerator programs.
Eligibility Requirements
- Founder identify as one of the following: Latinx, Black, Asian, Women, LGBTQIA+, Military Veteran, or located in a Low to Moderate Income area
- Must be a for-profit company with annual revenues between $100K and $5 million
- Current business model Business-to-Business (B2B) or Business-to-Government (B2G) only
- Will have the ability to add 1-2+ net new premium wage jobs in the next 12 months
- Current staff of 2+ employees
- Must be located in the state of Illinois
Deadline: February 6, 2024
The American Dream Awards shine a spotlight on small businesses that epitomize the modern American Dream through their innovative solutions, outstanding community contributions, and commitment to sustainable business practices. These prestigious awards are available to all for-profit businesses operating in the United States. If you become a recipient, you'll receive a package that comprises $1,000 in funding, access to a small business accelerator, media coverage, and various other perks! Feel free to apply for one or more of the categories listed below that align with your business's strengths and values.
- Big Dreamer Award
- Community Hero Award
- Inclusive Excellence Award
- Innovator Award
- Legacy Builder Award
- Resilience Rockstar Award
- Sustainability Star Award
Deadline: April 30, 2024 at 5 PM
*Create a free Hello Alice account, then navigate to the applications tab to apply.
Upskilling Initiative - Provides professional development grants to businesses that serve employees aged fifty (50) and older who are currently earning up to $16 an hour. Training funds will be disbursed in $2,000 increments, pending a guaranteed commitment from the employer of a $1.50 or more per hour wage increase respectively after the training is complete.
The Cook County Department of Environment and Sustainability’s (DES) free Businesses Reducing Impact on the Environment (BRITE) program helps businesses reduce their environmental impact while creating a healthier environment for their employees, customers and community by offering on-site assessments to reduce pollution.
Cook County has allocated $10 million to launch the BRITE program and subsequent grant opportunities. The BRITE program is available to small businesses with no more than 500 full-time employees in the following industries: dry cleaning facilities, auto body and auto repair shops, metal finishers, and food and beverage manufacturers.
FedEx Small Business Grant Contest: A contest since 2012 that offers startups with fewer than 99 employees and a shipping need for their business a chance to win $30,000.
Deadline for 2024 applications: not yet announced.
Community Development Block Grant - Coronavirus Business Resiliency Program: The objective of the Business Resiliency program is to reimburse businesses for the durable permanent or semi-permanent equipment purchased or rented to prevent, prepare for, or respond to COVID-19.
Illinois Back to Business New Business Grant Program (B2B NewBiz) Illinois introduced a $25 million Back to Business (B2B) NewBiz grant program, funded by the American Rescue Plan Act. It targets businesses in hard-hit sectors launched in 2020 or 2021, previously ineligible for relief. If a business received awards from specific programs, the amount will be deducted from the B2B New Biz Program grant.
Grants for Startups and Non-profits
NSF America's Seed Fund: Offers startups up to $2 million in non-equity seed funding for high-tech startups to fund early R&D work.
They fund startups to create the next game-changing technologies — often based on fundamental science or engineering — in need of research and development to create new products, services, and other scalable solutions. The project funded must have the potential to positively benefit society and to lead to significant outcomes in the commercial market. Most of the startups funded have fewer than five employees, are recently formed and haven't received funding from the government before.
Deadline is rolling.
Innovations for Healthy Living - Improving Minority Health and Eliminating Health Disparities funding opportunity: Granted by the National Institute on Minority Health and Health Disparities (NIMHD) as part of the America’s Seed Fund. This opportunity is for eligible SBIR/STTR entities to develop technologies and products that address health disparities while engaging and empowering individuals and communities.
Patagonia's Corporate Grants Program supports grassroots activist organizations that have direct-action agendas and are working on strategic, multipronged campaigns to preserve and protect the environment.
Patagonia’s Corporate Grants Program funds organizations working within the US and Canada that are either national in scope or not local to one of Patagonia's North American retail stores or wholesale partners. Proposals are reviewed and grants decisions are made by an employee-grants council.
For additional questions about the Patagonia Corporate Grants Program, please refer to the Patagonia Grants Program general guidelines. All general program guidelines are applicable to the Corporate Grants Program.
If you know of an organization that’s a good fit for this program, please share some details about the organization with Patagonia’s grants team.
Grants for Restaurant/Food Service
Feed the Soul's Restaurant Business Development Grant program offers financial stipends of $10,000 to Black and Latino-owned restaurants
Applications open Oct. 5, 2023 and run through Jan. 31.
ComED Energy Efficient Program - Foodservice Equipment Rebates (FER) is offering instant discounts up to $4,500 for qualifying energy-efficient foodservice equipment purchases. If you have a commercial kitchen in your facility, FER can upgrade your equipment for less and help reduce your energy bills!
High Road Kitchens - One Fair Wage in partnership with the City of Chicago has launched the High Road Kitchens program, offering grants between $10,000 and $30,000 to Chicago restaurants.
To be eligible, a restaurant must be located in Chicago, have an annual revenue of under $3 million, and experienced financial loss due to COVID-19 totaling 25% of annual revenue.
Deadline is rolling.
Grants for Minority-Owned Businesses
Feed the Soul's Restaurant Business Development Grant program offers financial stipends of $10,000 to Black and Latino-owned restaurants
Applications open Oct. 5, 2023 and run through Jan. 31.
Wish Local has dedicated a $2M dollar fund to give roughly 4,000 Wish Local small business partners financial support. The selected recipients will receive amounts between $500 - $2000. This program will only be open to Black-owned stores, to help promote equality and diversity in American business.
Own your business property or expand to a new location. If your business is a woman-owned business enterprise (WBE) or a minority-owned business enterprise (MBE), Bank of America invites you to participate in their new Down Payment Program that provides a grant of up to 50% of the required down payment on SBA 7(a) and SBA 504 loans for owner-occupied commercial real estate in Opportunity Zones within your city. The grant itself, which is not to exceed $25,000, does not have to be repaid.
Talk to a Bank of America Small Business Specialist today!
Amber Grant for Women - WomensNet founded the Amber Grant Foundation in 1998. Every month the foundation awards at least a $10,000 grant and a year-end grant of $25,000. The application is simple and grant recipients are announced the first week of every month. ($15 application fee)
HerRise Micro-Grant provides financial assistance, with the help of our corporate sponsors and donors, to women of color creating innovative solutions that impact their community and that are often unable to secure funding for their small businesses. Each month a $500 micro-grant will be awarded to a small business owned by women of color.
Apply for the HerRise MicroGrant by sharing your business pitch and plan in the application. Applications close on the last day of the month.
The HerRise MicroGrant for Military Affiliated Entrepreneurs provides financial assistance, with the help of our corporate sponsors and donors, to women of color with a military background, creating innovative solutions that impact their community and who are often unable to secure funding for their small business.
If you’re a military-affiliated entrepreneur with a transformative vision, apply for the HerRise MicroGrant by sharing the essence of your business story. Applications close on the last day of the month.
The HerRise MicroGrant for Nonprofit Founders provides financial assistance, with the help of our corporate sponsors and donors, to women of color who are founders of nonprofits, creating innovative solutions that impact their community and who are often unable to secure funding for their small business.
If you’re a nonprofit founder with a transformative vision, we encourage you to apply for the HerRise MicroGrant by sharing the essence of your nonprofit’s story. Applications close on the last day of the month.
Exelon's Racial Equity Capital Fund will expand access to capital for minority businesses so they can create more jobs, grow their companies and reinvest in their neighborhoods and communities.
The capital fund is expected to invest in numerous businesses throughout Exelon’s service areas over the next three to five years with estimated loan amounts between $100,000 and $600,000 and equity investments of up to $2 million.
Applications are open! Minority businesses interested in funding should contact the fund manager, RockCreek: RECFInquiries@therockcreekgroup.com.
Additional Funding Opportunities for Black-Owned Businesses
Amazon Black Business Accelerator: Tailored growth support for Black-owned businesses in retail.
Goldman Sachs’ One Million Black Women program teaches Black female entrepreneurs to understand their finances better, hire employees, price their products and services, and connect aspiring entrepreneurs with a network of successful Black female entrepreneurs. Complete this survey and join the next cohort, set for September through November.
Google for Startups Black Founders Accelerator: Digital program for tech startups with mentoring and early access to Google resources. Applications are open, and the winners will be selected later this year.
Black Angel Tech Fund: Seed funding for early-stage tech companies by Black entrepreneurs. Those interested can email Black Angel or register on the fund’s homepage to get more information.
Harlem Capital Partners: Focused on early-stage minority startups, creating generational wealth. Those interested can fill out its investment form to pitch their idea.
Serena Ventures: Serena Williams' fund investing in innovative solutions by people of color and women. Entrepreneurs interested in Serena Ventures can fill out its pitch form.
Other VC firms that support Black and female entrepreneurs include Digitalundivided, Impact America Fund, Cross Culture Ventures, and The Fearless Fund.
Loans
Advantage Illinois (AI) Loan Participation program provides low-interest loans to small businesses by partnering with local lenders located across the state. In 2022 as of December, 71 percent of AI loans have gone to businesses owned by people of color, women, people with disabilities or veterans.
Allies for Community Business offers loans between $500 and $100,000 to early, emerging, and established businesses at a 9% interest rate
Associated Bank's Community Uplift Loan Program is specifically designed to support minority- and women-owned small businesses.
They offer secured loans and lines of credit available from $5k-$50k, and fixed monthly payments or lines of credit as low as prime + 1.4%. They have lower credit score requirements and offer a 1% rate deduction with auto-pay.
Founders First Capital Partners - provides revenue-based funding and business acceleration advisory support to small businesses. It offers revenue-based financing, which allows for smaller payments during slower revenue months, and larger payments in stronger months.
Huntington’s Lift Local Business program supports minority-, woman-, and veteran-owned small businesses throughout the business life cycle — from start-up to expansion.
The program offers loans, business planning support, free financial education courses delivered through Operation HOPE, and other services to help small business owners achieve their goals.
Since launching in October 2020, Huntington’s Lift Local Business program has provided $77 million in funding to more than 1,100 minority-, woman-, and veteran-owned small businesses; there are nearly 1,200 active Operation HOPE Entrepreneurial Training Program course users.
Kiva offers micro-loans between $1,000-$15,000, with no interest! Whether you’re in the idea phase, start-up mode, or an established business, you can apply for this crowd-funding loan. Kiva repayment terms are anywhere from 6 months to 3 years, and repayments are made monthly. Kiva does not grant loans based on credit scores or history.
North Branch Works' Small Business Loan Program offers up to $25,000 loans to startups at 2-8% APR.
Educational Resources for Entrepreneurs
Ascent is a free learning platform from the U.S. Small Business Administration for women-owned businesses. They recently added two new courses: Partnerships Journey and Entrepreneurial Leadership Journey. For more information click HERE.
The Chicago Department of Business Affairs & Consumer Protection (BACP) Entrepreneur Certificate Program is a free and optional program available to attendees of the free BACP business education webinar series.
To complete the program, participants must attend nine (9) BACP webinars in specified categories within six (6) months.
Once you successfully complete the program, you will be eligible to apply for an entrepreneurial loan with our partner bank, CIBC. The CIBC Entrepreneur Loan Program was created to support small businesses with important working capital. This low-interest, no-fee loan can range from $1,000 to a maximum of $10,000 for new businesses and $25,000 for businesses with one year of filed tax returns. All financing decisions are made by CIBC.
Since 1964, SCORE has helped more than 11 million entrepreneurs start, grow or successfully exit a business. SCORE's 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories.
Watch low or no-cost webinars, attend a local workshop or enroll in online, interactive courses to gain new business knowledge and skills.
Verizon Small Business Digital Ready is here to give small businesses like yours the personalized tools to succeed in today's digital world. Learning modules, expert coaching, peer networking, and more— FREE!
The free learning platform filled with courses, live events, and coaching sessions - has just launched all-new Spanish-language resources. This means you can access courses, events, and mentors in your preferred language, along with a $10k grant opportunity exclusively for Hispanic Business Owners! Register with a free account and select Spanish as your preferred language during onboarding to explore Verizon Small Business Digital Ready in Spanish.
Resources for Small Businesses
Invite your customers to Shop Small® with you and help attract new customers. As a small business owner with a physical or online presence, you can enjoy tools and resources to help you promote your business year-round. This site is your go-to source for tips and inspiration to help you promote your business year-round, and to download marketing materials like in-store signage, social media posts, email templates, and more, which can be used throughout the year to show shoppers they can Shop Small® at your business.
As a qualifying American Express® Card accepting small business, you can be recommended in emails to Card Members, in their online accounts, and within search results on the Shop Small Map — all for free. In 2021, more than 17 million people received recommendations of places to shop*. If your business is not on the Shop Small Map or Online Directory, follow the detailed instructions on the Shop Small Map FAQs.
Visit the Shop Small Resources site to download FREE marketing materials for your site and find out more.
RefugeeOne’s employment program can connect you to a large pool of fully-authorized job seekers with diverse skills, backgrounds and language abilities. They provide support through interviews, onboarding, and acculturation at no charge to you. Post your job listing at bit.ly/R1-jobs or email info@refugeeone.org for more details.
Qwick is an on-demand staffing platform that connects service industry Professionals with food and beverage shifts in real-time. Learn more at www.qwick.com/
Would you like to request a bike rack in front of your business? Let the Department of Transportation (CDOT) know! Submit your bike rack request to bikeparking-chicago.hub.arcgis.com.
CDOT will review your request in the field looking for sites on the public right-of-way that don’t interfere with pedestrian travel and are clear of other street furniture. Their criteria for new rack placement is listed at chicagocompletestreets.org.
If you are interested in high-capacity, on-street bike parking for your organization or business, visit chicagocompletestreets.org to learn more about CDOT’s bike corral program.
Resources for Local Businesses
On January 1, 2022, Albany Park & Irving Park Special Service Area #60 (SSA #60) expanded to include 9.5 miles of sidewalk street frontage throughout Albany Park and Irving Park! The boundaries are as follows:
- Montrose Ave: The Chicago River to Central Park Ave
- Lawrence Ave: The Chicago River to Pulaski Ave
- Kedzie Ave: Ainslie Ave to Irving Park Rd
- Kimball Ave: Lawrence to Leland
- Irving Park Rd: California to Central Park Ave
If your business is located within these boundaries, you are eligible for the following programs.
Turn your trash into treasure! SSA #60 has partnered with WasteNot Compost to offer small businesses a three-month free trial of composting services.
Market your business and beautify the neighborhood with a branded light pole banner! Your business name will be proudly displayed on a major commercial street for at least two years!
The Facade Improvement Program is designed to help property owners and tenants within SSA #60 beautify the front of their buildings. The program provides a rebate of 50% of your costs, and the maximum rebate is $7,500 for 1 storefront or $15,000 for buildings with 2 or more storefronts.
SSA #60 wants to highlight the diversity of our small business community through the project "The Power of Welcome."
We're providing FREE welcome signs to welcome customers in English and in the business' native language [21 7/8 x 9 inches].
All commercial retail businesses located within SSA#60 are eligible for a one-time security improvement rebate that covers 100% of expenses with a rebate cap of $1,000.
Quick links
Have questions?
We're happy to help! Whether you need help applying to a grant, would like to apply for local business programs, or would like to be connected to financial representatives, we can help!