Business Loans in Chicago

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Illinois

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. If you’re looking for an urban environment with all the amenities, Chicago is definitely the place to be. But don’t forget about the suburbs – they offer plenty to love as well!

What's less loveable is the financial environment for Chicago business. Setting up shop in the Windy City can be expensive, and most businesses need some form of funding at times. That's where Advancepoint Capital comes in. We offer business loans up to $1,000,000 to help you get your business off the ground.

A Traditional bank in the city is not easy to deal with if you are a business, let alone a new business with less than a 2 year track record. Banks have strict guidelines because they have to protect there depositors. Advancepoint is not a bank, so we can work with businesses greater than 6 months in business making financing possible for new entrepreneurs.

Whether you need working capital for your business, or you need funding to expand your existing company in the city of Chicago, Advancepoint Capital can help. We offer business loans up to $1,000,000, with flexible terms and competitive rates. And because we’re marketplace, we can provide the assistance, personal attention and service that you deserve. Please checkout the advancepoint advantage.

How Do Small Business Owners get a Small Business loan in Chicago?

Small business loans can be a vital source of funding for Chicago entrepreneurs. But with so many options available, it can be difficult to know where to start.

That's why our network of business lenders is here to help. We work with a variety of lenders, from large banks to community development financial institutions, to find the best loan for your needs. We can also help you navigate the loan applications process and put you in touch with funding options to help your Chicago small business succeed.

To learn more about our business loan programs, or to apply for a loan, please contact us today by filling out our online application.

The 9 Best
Financing Options and Resources for
Chicago Small Businesses

small business loan

Small Business Loans for
Chicago, Il

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 Loan

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 in
Chicago, Il

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.

Small Business Cash Advance

Business Cash Advance in
Chicago, Il

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

Business Line of Credit in
Chicago, Il

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

Equipment Financing for
Chicago, Il

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

Invoice Financing in
Chicago, Il

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 Business Loan

Short Term Small Business Loans in
Chicago, Il

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 Business Loans for
Chicago, Illinois

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.

chicago sba guide

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

Find local assistance

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Why Do You Need a Business Loan? How Much Funding Do You Need?

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. Before you hop into a financing solution that may not be the best fit, let’s look at some popular financing springboards.

Working capital is one of the more common reasons behind a small business loan. Sales often ebb and flow, and keeping the business running may take some additional capital. Marketing is another typical rationale for Chicago small business loans. Promotion is a necessary stepping stone for any city small business, especially in a market as saturated as the city of Chicago. Equipment and other tools cost money. Keeping up with hiring more staff can be costly as well, making this another popular reason for a small business loan. Moving up in the industry your in is a great thing, but it also costs a lot of money. Finding assistance and financing options is a must for businesses that are scaling up.

Once you have an understanding of why you need a loan, it’s important to factor in a few other considerations:

  • How much do you need?
  • Understand your business cash flow
  • What is your budget?

Additional Resources and Grants for Illinois Small Businesses and Loans for Local Businesses in the City of 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.

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Frequently Asked Questions

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