Community Development
Small Business Loan Program
Our mission is to create, retain, and develop small businesses and economic institutions that improve the economic stability and independence of the community to increase the income of its residents.
To increase job opportunities for the underemployed and unemployed.
To more equally distribute economic resources, social services, technical assistance and provide financial literacy training that encourages and empowers low-income individuals and families toward positive action that meets basic human needs and helps them become self-sufficient.
The Illinois Fixed Rate Loan Fund and the Revolving Loan Fund both provide low interest loans to start up or expand small business for the purpose of creating new jobs. CEDA has been an administering agency for these programs in Suburban Cook County since 1983.
Both loan programs are available to all small businesses in need of funds for expansion and working capital. Interest rates on the Fixed Rate loan are fixed at 4 to 7%. The Revolving Loan Fund is matched with a direct bank loan.
For each $20,000 in assistance, a new job must be created which a low-income resident of the City of Chicago or South Suburban Cook County must fill.
Since 1983, CEDA has provided $9.3 million in low- interest loans to small businesses through the Revolving Loan Fund. These dollars have been matched by $70 million from private sources and 950 new jobs have been created. The diversity of businesses receiving assistance has ranged from manufacturing to communications.
CEDA serves as a liaison between loan recipients and local government to increase the growth of businesses. CEDA continues to work with local bankers as well as loan applicants who have potential to generate jobs and provide growth opportunities for their employees. Emphasis is placed on generating jobs in area of high unemployment and increasing women and minority business participation.
For more information:
Paul Christman
Loan Officer
312-853-5962
pchristman@cedaorg.net
Yevette N. Boutall
Director
312-795-8980
Revolving Loan Brochure