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$354.6 million to expand State Small Business Credit Initiative

Business Announcements | December 13, 2022

Looking for funding for your small business?  The Illinois State Small Business Credit Initiative (SSBCI) may be a good fit for you.

This December, the Illinois State Small Business Credit Initiative (SSBCI) announced an additional $354.6 million in funding for four programs that support small businesses with projects that create or retain jobs or modernize their business to improve competitiveness.

Advantage Illinois (AI) Loan Participation Program (Existing)

Advantage Illinois’ existing Loan Participation Program provides low-interest loans to small businesses by partnering with local lenders.  Click here to see which banks in your area participate.

Advantage Illinois (AI) Loan Guarantee Program (New)

Advantage Illinois’ new Loan Guarantee Program supports business applicants struggling to gain access to capital by using funds to guarantee a percentage of loans provided by lenders.  This makes the loans more attractive to lenders and can increase the funds received by the business.

INVENT Venture Capital Program (VCP) (New)

Innovation Venture Fund (INVENT) is a direct equity program focused on investing in key businesses  industries like agriculture, ag tech, information technology, life sciences, manufacturing, quantum, and more.

Climate Bank Finance Loan Participation Program (New)

This new program will be overseen by DCEO and administered by the Illinois Finance Authority (IFA), which will partner with local lenders to issue the loans. Climate Bank funds will be available to small businesses in the clean energy sector.

Register here to receive updates as programs are released.

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