NORTHERN ILLINOIS COMMUNITY VENTURES
Small business loan funding
The Northern Illinois Community Ventures (NICV) program is a joint program between Nicor Illinois Community Investment (NICI) and Allies for Community Business (A4CB) that provides small business loans to entrepreneurs in priority areas, Joliet, Rockford and South Suburban Cook County, as they sustain, expand or start their businesses. A4CB’s flexible loan criteria ensures applicants do not face barriers in qualifying for a loan that could transform their business.
Over four years, NICI is investing $1 million in loans to priority areas Joliet, Rockford and South Suburban Cook County
We believe that when small businesses have the opportunity to succeed, their communities thrive. Often, however, many entrepreneurs encounter barriers to securing the capital needed as a foundation to make their businesses successful. These barriers perpetuate a cycle of suppressed economic mobility.
NICI invests in small business support to help break the cycle so that businesses can build wealth at the community level.
To apply for a loan, please visit our partner Allies for Community Business.
“I applied and in less than a week, it was funded and in the bank account. It was a smooth, easy process. I was very happy with the amount and my interest rate. Most banks would be 18 to 24 percent. It’s easy to pay back and very flexible.”
– NICV recipient Latania Johnson, Ms Tiff Enterprises
FAQ
-
NICI partnered with the community development financial institution, A4CB, to create loan opportunities as part of the NICV programming. A4CB shares our commitment to fostering economic mobility and community wealth. A4CB’s flexible loan criteria explains: “We do not use credit scores and do not put liens on your personal assets. Instead, we evaluate how well you have managed your debts over the past two years and how much cash you have available to make monthly loan payments to us.”
Entrepreneurs can smoothly apply for a loan through A4CB’s website. Loan approval takes place in only a couple of days. The only criteria to qualify for a loan is for the business to be located in one of NICI’s three priority areas: Joliet, Rockford and South Suburban Cook County.
-
Yes! While your credit profile is a part of the application process, A4CB does not factor credit scores into loan approval. Instead, A4CB will evaluate your ability to meet monthly loan payments.
-
Small business loans may be used for entrepreneurs as they sustain, expand or start their business. Previous recipients have used their small business loans for everything from supporting general operating expenses to funding new programs to transforming a business from a local service provided by one person to a virtual office with multiple employees and clients nationwide.
-
Once A4CB notifies the applicant of their loan approval, NICI will reach out with information on additional resources and opportunities for the recipient through NICV.
For more information, please visit A4CB’s website: a4cb.org/services/loans