Small Business Improvement Fund

SBIF Lenders

Because of our agency relationship with the City of Chicago, SomerCor 504, Inc does not endorse any of these lenders, but has provided this list as a courtesy for applicants seeking financing to front fund their SBIF project prior to the disbursement of grant funds.  Please consult several lenders when you are looking for financing.

Microfinance Loans of up to $50,000 and $100,000

Accion Chicago
Accion offers loans as small as $500 and up to $100,000.

Contact: Kate Novotny, Senior Loan Officer, P: (312) 924-2177 E: knovotny@accionchicago.org

Contact: Nic Baria, Senior Loan Officer, P: 312-275-3000 ext 114, E: nbaria@accionchicago.org

Chicago Neighborhood Initiatives (CNI)

A partner of the City of Chicago, CNI can lend up to $15,000 for start-up business and up to $50,000 for established businesses.

Contact: Erica King, VP, Lending, P: (773) 341-2072, E: eking@cnigroup.org

Women’s Business Development Center (WBDC)

WBDC provides mentoring services to both women and men entrepreneurs. They also provide loans up to $75,000 and can be used for working capital, supplies, and equipment, in addition to property improvements.

Contact: Idaima Robles, Director, Access to Capital, P: (312) 853-3477 x 560, E: irobles@wbdc.org


Community Bank Lenders

Beverly Bank & Trust

A Wintrust Bank, Beverly Bank is interested in providing SBIF bridge loans for construction projects for both commercial and industrial applicants.

Contact: Derek Wasilevich, P: 773-987-3256, E: dwasilevich@thebeverlybank.com

First Eagle
First Eagle will work with select SBIF grant recipients to provide financing for SBIF-approved renovations. They are located on the Near West side of Chicago.

Contact: Magaly Arteaga, Community Development Associate, P: (312) 850-2900 E: marteaga@febank.com

Illinois Service Federal

Illinois Service Federal provides an array of banking services and business loan products for small businesses with a focus on the South side of Chicago.

Contact: Brent Connell, P: 773-624-8920, E: bconnell@isfbank.com

Seaway Bank

Seaway Bank provides an array of banking services to a variety of industries including construction loans for small businesses that need to bridge the funding for SBIF projects.

Contact: Dan Davis, Business Banker, P: (773) 602-4116, Em: ddavis@seawaybank.us

IFF                                                                                                                                  

IFF specializes in lending to not-for-profit organizations.

Contact: Victoria Lakes-Battle, Director of Lending – Northern Illinois/Northwest Indiana, P: (312) 521-7375, E: vbattle@iff.org

Chicago Community Loan Fund (CCLF)

CCLF provides loan and technical assistance with the mission of community stabilization and development.

Contact: Wendell Harris, Director of Lending Operations, P: 312-252-0427, E: wharris@cclfchicago.org

North Shore Community Bank & Trust
North Shore Community Bank & Trust will do SBIF loans to Chicago businesses or real estate owners who are north of North Ave. and east of Harlem Ave.

Contact: Rosalinda Rivera, Vice President/Community Banking Loan Officer, P: (847) 920-3051, E: rrivera@nscbank.com

Royal Savings Bank

Contact: Andrew Morua, Senior Vice President of Commercial Lending, P: 773-382-2112, E: amorua@royal-bank.us

Bridgeview Bank Group

Contact: Kimberly Jung, Vice President – Commercial Lending, P: 773-989-5731, E: kimberly.jung@bridgeviewbank.com


National/Regional Bank Lenders

MB Financial

MB Financial will do SBIF bridge loans from $50,000 and up. Loans will typically be interest only during the construction period.

Contact: Stephen Ball, P: 847-653-1197, E: sball@mbfinancial.com

BMO Harris Bank

Contact: Joseph H. Kennedy, P: (773) 451-2621,  E: Joseph.Kennedy@bmo.com 

Contact Us

Chicago Main Office
601 South LaSalle, Suite 510, Chicago, IL 60605 map
P: (312) 360 3300   F: (312) 757 4370   Email

Springfield Office
3201 W White Oaks Dr, Springfield, IL 62704
P: (217) 793 1075   Email

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