Federal Funding for Small Businesses
The State Small Business Credit Initiative
On December 6, the U.S. Department of the Treasury announced that Illinois will receive up to $354.6 million to administer four programs as part of the State Small Business Credit Initiative (SSBCI). The programs include:
- Advantage Illinois - an existing program which provides low-interest loans to small businesses; in 2022, 71% of these loans went to businesses owned by women, people of color, veterans, or people with disabilities
- Advantage Illinois' new Loan Guarantee Program - which will support businesses that have had difficulty receiving loans by using funds to guarantee a percentage of loans provided by partner lender.
- INVENT Venture Capital Program (VCP) - a new direct equity program that will focus on investing in businesses in key industries such as agriculture, ag tech, information technology, life sciences, manufacturing and more
- Climate Bank Finance Loan Participation Program - which will issue loans to small businesses in the clean energy sector.
SSBCI was reauthorized as part of the American Rescue Plan Act and provides $10 billion to states for assistance to small businesses. Illinois is one of seven states approved to receive funding. The press release with additional information on the announcement was released by the Illinois Department of Commerce and Economic Opportunity.
Grant programs will launch soon. Interested businesses should fill out the form linked below to receive additional information and updates when the programs are launched.
For more information and to receive updates when the programs are launched, go to: