Chicago is a city of neighborhoods. From the Gold Coast to Hyde Park,’s a neighborhood for everyone in Chicago. Each has its own unique vibe and attractions that make it special. Chicago has also established itself as a thriving economic hub for small businesses. With its strategic location, diverse talent pool, and supportive business environment, the city provides many opportunities for entrepreneurs to launch and grow their ventures.
However, small businesses in Chicago may encounter challenges when attempting to secure loans through traditional banks. Banks have strict guidelines because they have to protect their depositors. As a result, alternative lending options, such as business funding marketplace like AdvancePoint or community development financial institutions, have become increasingly popular due to flexible financing solutions. We work with businesses greater than 6 months and making financing possible for new entrepreneurs.
Therefore, if you're searching for small business loans in Chicago, Advancepoint Capital is the perfect solution for your financial needs. Whether you need working capital to keep your business running or want to expand your existing company, we have the right funding options. We offer up to $1,000,000 business loans in Chicago with flexible terms and competitive rates to help you achieve your business goals.
Acquire Business Loans in Chicago With Ease
With Advancepoint’s extensive network of business lenders, dedicated to providing the financial support your small business needs. We collaborate with various lenders, including major banks and community development financial institutions, to offer the best loan options that meet your unique requirements. Not only that, but our team of experts can guide you through the loan application process and connect you with funding opportunities.
If you want to learn more about our business loan programs or wish to apply for a small business loan in Chicago, fill out our online application today. Let us help you take your business to the next level.
9 Best Small Business Loans in Chicago, IL (May 2023)
Small Business Loans
The #1 most requested product for business financing is the the business term loan. This product comes with a fixed rate, fixed term and fixed payment. Excellent for business growth.
SBA Loans in Chicago, IL
SBA loans have attractive rates and terms but the SBA loan application process will take time and require significant documentation compared to the alternatives. The Small Business Administration administers the guidelines and requirements for SBA loans. SBA loans have great interest rates and terms.
Merchant Cash Advance
Merchant cash advance is an advance that is repaid out of the future credit card receivables of the business. A great alternative if you are unable to get traditional financing. Repayment is flexible as its based on a set percentage of the volume of future credit card sales. Popular for businesses where the majority of sales comes from credit card payments.
Business Cash Advance
Business cash advance is similar to merchant cash advance in that it is an advance off future sales of the business. Repayment is made based on a fixed set percentage of future sales deposits. Common business funding product for those who cannot get a traditional business loan and want to be advance money based on gross sales.
Business Line of Credit
A line of credit is a revolving credit line that a business owner can draw funds at will up to a set credit limit, like business credit cards. Once you are approved and have an active line you don't have to apply every time you need to draw funds. Credit lines usually are up for renewal on an annual basis.
Equipment financing can be through an equipment lease or an equipment loan and is a great solution if you are new equipment purchases for the business. Equipment leases and loans use equipment as collateral to extend better terms than many other alternatives. Equipment financing generally requires good credit, but there are equipment financing alternative lenders available for credit issue borrowers.
Invoice Financing in
Invoice factoring, also known as invoice financing, is for businesses that regularly invoice there clients on a monthly basis and would like to get an advance off of the unpaid invoice before the net terms on the invoice. Great for expediting cash flow.
Short Term Small Business Loans
Short term business loans are loans for businesses that don't qualify for traditional business loans. Due to the shorter duration to repay, the credit standards and documentation are reduced to approve more borrowers.
Long Term Business Loans
Long term loans are for larger businesses looking to expand and need large amounts of money spread over years and not months to repay so they can recoup the costs over time with affordable payments.
U.S. Small Business Administration
How to Grow Your Business in Illinois
View the Illinois Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
U.S. (SBA) U.S. Small Business Administration
Illinois District Office
Why Do You Need a Business Loan?
Small business owners need money for many reasons. However, before you choose a loan option, it’s essential to know why your business needs cash:
- Working capital: As sales fluctuate, businesses may require additional capital to sustain their operations.
- Marketing/ Advertising: Small businesses in Chicago apply for loans to fund their marketing efforts.
- Tools and equipment: Securing a loan is often necessary to purchase these assets.
- Recruitment: The costs associated with hiring new staff can be high, hence, small businesses opt to take out loans to cover these expenses.
- Emergency Business Expense: Businesses must have contingency funds to cover unforeseen emergencies that may arise at any time.
Additional Resources, Loans and Grants in Chicago, IL
Chicago Business Affairs and Consumer Protection– Empowering Businesses and Protecting Consumers- Loans Under $50K. Loan applications are administered through CDFI.
Accion- Accion Chicago is a not-for-profit microlender that provides loans and free coaching to small business owners who lack access to traditional credit sources. Startup and existing small businesses can qualify for loans that range from $500 to $100,000. Accion offers fast turnaround and flexible requirements.
Duman Entrepreneurship Center @ JVS Chicago- The Duman Entrepreneurship Center Loan Fund makes loans up to $15,000 to businesses that can demonstrate that the loan will help grow the business. These are 3-year term loans, with very low-interest rates and no penalty for early repayment. There is a low loan application fee and closing cost. The owners must personally guarantee the loan and the owner’s credit history will be reviewed.
Kiva Zip- Kiva Zip is an online platform that allows underserved entrepreneurs to access 0% interest small business loans up to $5,000 (second loans up to $10,000). These loans are crowdfunded online by individual lenders, connecting borrowers to potential customers, brand ambassadors, and the community.
Women’s Business Development Center (WBDC)- Loans up to $25,000 are available for new and existing small businesses in the City of Chicago and are targeted towards businesses operating in low to moderate-income communities.
Illinois Department of Commerce & Economic Opportunity (DCEO)
Illinois Small Business Emergency Loan Fund– DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.
Chicago Small Business Resiliency Fund– The City of Chicago recognized that coronavirus disease (COVID-19) had put a difficult burden on the small business community. As a response to this challenge, the City is establishing a $100 million Chicago Small Business Resiliency Fund, which helped provide small businesses with emergency cash flow during the health crisis. Funds were provided to eligible businesses as low-interest loans. The fund has since closed.
Why AdvancePoint Capital?
- Experience with Businesses in Chicago – We have been providing financing in Chicago for years.
- Trust – Excellent reviews and feedback from small business owners in Chicago.
- Loan Specialists – Experienced business funding specialists in Chicago.
- No Obligation – No cost, no commitment quotes.
- Products – A variety of business loan products for businesses in Chicago.
Apply for Business Loan in Chicago Today!
Getting a financing solution or financial advice in Chicago can be troublesome. At AdvancePoint Capital, applying for a business loan is fast and easy with our simple application process. All you need to do is fill out our online form, and application page, and in just a few hours — you’re well on your way to getting yourself a business loan in Chicago.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.