2022 Chicago Tribune FoodLab article: FoodLab Chicago Tribune Jan 18, 2022
Sources for economic support
SBA Strongly Recommends Borrowers:
- Access and review your Borrower account history in the SBA Capital Access Financial System (CAFS).
- Immediately download your original loan documents from the RAPID Portal for your records. Access ends May 16th After this date you will have to contact EIDL Support833-853-5683.
If you have any additional questions, please feel free to call the Disaster Customer Service team at 833-853-5638 or email firstname.lastname@example.org
If you are eligible to increase your EIDL funds the deadline to apply on May 6th.
For those that received an original SBA COVID-19 Economic Injury Disaster Loan (EIDL) You may be eligible for an increase in your loan amount. If the portal “Increase” button doesn’t work, borrowers have to send an e mail to PDCRECONS@sba.gov with all the documents needs to ask for an increase
There is a new version of the IRS form 4506-T for COVID EIDL HERE
Important SCAM alert
PPP (Paycheck Protection Program) ended May 31st, 2021. We have heard of scammers telling people PPP is opening again and to sign up. They ask for all your personal and business information, bank accounts, etc. Beware!
New Reforms for SBA’s Community Advantage Loan Program
On March 30, 2022, Vice President Kamala Harris and Administrator Isabella Casillas Guzman announced impactful reforms to the agency’s Community Advantage loan program, a key SBA tool for Community Development Financial Institutions, Community Development Companies, microlenders and other critical mission-based lending partners, that prioritizes equitable access to capital for low-income borrowers and those from underserved communities. 7 (a) program
One day only: Monday, May 9th Restaurant Depot 1030 West Division Street, Chicago
Do you process greater than $100,000 annually in credit card purchases? Flex or mini machine, >$250,000 Duo. Typical monthly fees for software and maintenance are $39.95 per month. Clover also offers a free hosted online menu so your customers can order online and it goes directly into your POS station.
One day only pop-up, don’t miss this opportunity to get $1,850 of equipment at no charge!
Contact Frank Kelly before either of these days and he can get you set up.
Frank Kelly email@example.com (773) 399-9465
Check-in with John Handler JHandler@SoulDelivered.com for more details.
Due to supply chain issues, Discover Center is some two months behind in their buildout.
Discover Customer Care Center at 8560 S Cottage Grove provides their employees free meals. Currently, they have 150 employees split into two shifts, day time and evening. In April they will finish construction and expand to 500 employees, with plans to grow to 1,000. Discover is in search of local catering partners to offer meal service. Their focus is supporting local restaurants along with providing their employees a nutritious offering. Discover has a group of restaurants servicing the current 150 employees, but with the new expansion, they need a much larger group of restaurants to service the meal program. There are also opportunities for catering events and activities at the Center. Discover is moving fast (schedule below) so do not delay getting on this opportunity.
To be considered complete the NDA and questionnaire and return to Victoria. Deadline noon Friday, Feb 25th.
If you need assistance filling out the forms, please contact Victoria Elkind at Victoriaelkind@discover.com or 224-804-4444. If you need a hard copy mailed or dropped off, they can do so. Additional support from Vensha White Johnson firstname.lastname@example.org or at 224-619-8560
If you need more details: John JHandler@GreaterChathamInitiative.org
TIF corridors of interest, Lottery results
The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses with reimbursable grants for permanent building improvement costs. SBIF grants use local Tax Increment Financing (TIF) revenue to reimburse you for the pre-approved repair or rehab of your business facilities or adjacent land acquisition.
SBIF grants are available for commercial and industrial businesses and property owners. No residential. SBIF provides grants up to $150,000 to commercial businesses for 90% of the costs of permanent building improvements such as storefront renovations, building systems, interior remodeling, roof replacement.
More info and application HERE
May 2nd, 26 new grant finalists: 26 new CRP Finalists 050222
The city of Chicago Department of Planning and Development (DPD) is now accepting applications for grant funding to support local commercial, mixed-use, and light manufacturing development. City staff will prioritize projects in areas of Chicago where there is a history of disinvestment or limited private investment. Project selections are based on business readiness, viability, location, design, neighborhood needs, community impact, and other factors.
- Grant funding can be used for pre-development, construction, or renovation costs for permanent capital improvement projects.
- CRP will pay for the acquisition of the property costs, but only up to an amount equal to the construction costs. For example, if the property’s purchase price is $100,000. If renovations are $25,000, CRP would provide another $25,000 toward the property’s purchase.
- Open to community developers, business owners and entrepreneurs, and property owners. Site control is preferred, but not required.
- Residential-only development is not eligible, but mixed-use projects are eligible. Further funding opportunities for residential projects are expected to be announced in Q1 2022.
- Priority will be given to catalytic projects with a strong local impact, that are able to leverage local talents, capacities, and institutions to strengthen and contribute to the community.
- Applicants from all areas of Chicago are eligible to apply. Priority will be given for projects in historically disinvested areas as well as projects that build upon existing efforts, such as Mayor Lightfoot’s INVEST South/West initiative and community safety initiatives.
- Priority will be given to projects that demonstrate momentum and are expected to break ground in 2022.
- The City expects awards to be capped at $5 million, though larger, catalytic projects may be considered.
Applications will be accepted on a rolling basis. The first-round application deadline was Jan. 31, 2022, followed by a second-round application deadline of March 10, 2022. Applications will be accepted on a rolling basis. The deadline for this year’s final round is August 19, 2022. Please do not submit duplicative applications for the same project.
Prepare to Apply
Applications will be segmented based on the size of the grant. Grant requests should represent no more than 75 percent of the anticipated total project cost. For example, at 75% reimbursement, a $250,000 would support a $333,333 project cost.
SMALL GRANTS: Grants for less than $250,000 (Small) HERE
Have to submit your grant request online (above links), for your reference here is a PDF of the questions being asked.
Project Description pages 5 &6
Project Budget and Finance pages 11,12, & 13
LARGE GRANTS: Grants larger than $250,000 up to $5 million
NEW: The large grant application must now be submitted online
Large Grant Online Application HERE
- Site Control
- Describe proposed project
- Project purpose
- Financial need
- Developer Input form required and upload
- Sources of funds
- Design & construction documentation
- City of Chicago construction compliance
Universal Financial Request Application (has to be submitted online below are samples of the online application for your review)
Developer input form – not macro enabled (down load ZIP file for active input form)
Chicago Recovery Plan Community Development Grant Information Session
An informational webinar was held Wednesday, Jan. 6. Watch a recording of the webinar here,
For advice and potential resources to help with your application, please go to the Community Development Grant Resources page.
For any additional questions, please email email@example.com
Chicago Food Enterprise Loans (C-FEL) for Food Entrepreneurs of Color
Target Food Business Segments
1. Food Service Providers – i.e., caterers and food trucks
2. Commercial Kitchens
3. Grocery Stores – including Ethnic Grocery Stores, Health Food Stores, corner grocers
4. Restaurants – including Full Service and Limited Service, Juice Bars
5. Food Innovation – including technology products for healthy food retail.
Loans for working capital, inventory, equipment, and leasehold improvements.
- Loan amounts from $15K – $250K
- No or Low equity and collateral requirements
- Interest rates starting at 5.5% fixed
- Most loans include 12-month interest-only period, and terms up to 11 years
Loans for real estate acquisition and renovation
- Loan amounts from $100K to $1M+
- Up to 90-100% loan to value (LTV)
- competitive interest rates
How to qualify
- Be an existing business or nonprofit with at least two years of tax returns
- Be located in Chicago Metropolitan Area
- Serve the Black or Latino community
- Be a food system entrepreneur operating in a low- or moderate-income community
- Be currently open and operating
- Have no outstanding judgments or tax liens
- Have no bankruptcies in the last three years
Funding subject to availability
C-FEL Flyer C-FEL Flyer
Pivot Loan Program
For non-food related businesses please consider the Pivot Loan program.
Funding subject to availability
and $10,000 grant opportunity
Now available online curriculum is designed to give small businesses tools to succeed in today’s digital world. Learning modules can help your business thrive, with topics such as SEO, working remotely, and finance management. Learning modules, expert coaching, peer networking, and more.
Register for a free online curriculum. Complete two courses or one coaching event and then be eligible to apply for a Verizon Small Business Digital Ready $10,000 grant. In order to unlock the application for this exclusive pool of funding, members must have completed two courses or live coaching events between January 1, 2022 and June 30, 2022, and apply by June 30, 2022.
GCI information sessions click here for link
More program details HERE
Program sign-up HERE
& Economic Opportunity
Advancing the Development of Minority Entrepreneurship (ADME)
ADME is a community investment program developed to strengthen Illinois’ start-up and small business community ecosystem by tapping into the potential of minority business owners and entrepreneurs. ADME supports the Department’s commitment to growing minority and women-owned businesses and increasing diversity in businesses and within the Illinois economy. Through the ADME program, we offer resources to high-potential minority entrepreneurs and provide start to finish support to help them grow their businesses. Interested business owners and aspiring entrepreneurs can receive focused business education and potential access to capital to get their business off the
Advantage Illinois – FAME Program
Advantage Illinois’ new FAME Program (“Fund for the Advancement of Minority Enterprises”) is a dramatic upgrading of our former Minority/Women/Disabled/Veteran Participation Loan Program. Though still structured as a Participation Loan Program, this new Fund underlines the State’s promise to focus on fostering new and expanding small business entrepreneurship among minority and women-owned businesses. The FAME Program, funded by “Recycled SSBCI Funds”, will provide 50% of the entrepreneur’s overall Project Cost of the specific Loan that DCEO is participating in, up to a maximum of $400,000 of AL Funds, with a fixed interest rate on the Advantage Illinois portion set at 2%.
Illinois Office of Minority Economic Empowerment
555 W. Monroe, 12th Floor Chicago, IL 60661
Website: www.illinois.gov/dceo Email: OMEE@illinois.gov
Chicago contact: Sacella Smith Sacella.Smith@Illinois.gov
March presentation of “How to be fundable”
View the replay of the webinar: HERE
The presentation also introduces Founders First’s interesting revenue-based growth financing alternative. If you qualify, you receive a load that is paid off 5% of your revenue each month. Slow months less, big months more. Until the loan is paid off.
Founders First Accelerator Programs:
More information about Founders First CDC and their programs www.foundersfirstcdc.org
Neighborhood Opportunity Fund (NOF)
Latest Finalist 012022-sept-nof-finalist
St of IL Back to Business
Goldman Sachs 10,000 small business program
Through the program, you will gain practical skills across topics such as financial statements negotiation, marketing, and employee management, and gain the tools to develop a customized business plan for growth—for free.
10KSB provides 3 Cohorts per year.
- Winter– Early January through Mid April
- Spring/Summer– Mid May through Mid August
- Fall– Mid September through Early December
We are accepting applications for our 33rd Cohort starting September 2022, and ending December 2022. The application deadline for this session is June 2, 2022.
Get on their mailing list HERE
One Million Black Women: Black in Business
In partnership with Black women-led organizations and other partners, our new investment initiative, One Million Black Women will commit $10 billion in direct investment capital and $100 million in philanthropic support to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.
More information HERE
Women’s Business Development Center Programs
The Women’s Business Development Center (WBDC) is proud to present Top Shelf: High Volume Retail Growth Insights. This 8-week program is designed to help established businesses grow into the mass retail market.
Next Cohort application deadlin e April 1st