Grants
McKinsey Fast Grants - Deadline February 18, 2025 at 5:00 pm
McKinsey and A4CB will provide $10,000 grants to four small businesses whose founders show significant promise for impact. Grantees will also have access to McKinsey support to help refine and scale their businesses over a six-month period. Founder must belong to an underrepresented group, including first generation business owners and/or founders from economically disadvantaged communities
Learn more about McKinsey Fast Grants HERE.
Small Business Improvement Fund (SBIF)
The TIF District Grant Program offers funding to small businesses for property repairs and improvements within designated Tax Increment Financing (TIF) districts. Grants support physical upgrades that enhance commercial spaces and contribute to neighborhood revitalization. Eligibility criteria and application periods vary by district. Priority is given to businesses demonstrating community impact and a commitment to maintaining active, well-kept properties that drive local economic growth.
Learn more about the Small Business Improvement Fund HERE.
Wish Local Empowerment Program
The Wish Local Empowerment Program provides grants of $500 to $2,000 to Black-owned small businesses across the U.S. Funding supports diverse business initiatives that promote growth, sustainability, and community engagement. Applications are accepted year-round with no set deadline. Priority is given to businesses that demonstrate local impact and present clear, actionable plans for development and expansion.
Learn more about the Wish Local Empowerment Program HERE.
HerRise MicroGrant Program - $1,000 Monthly Awards
The HerRise MicroGrant Program awards $1,000 monthly grants to under-resourced women entrepreneurs, with special focus on women of color. Designed to help small businesses overcome financial barriers, the program supports sustainable growth and development. Eligible businesses must be at least 51% women-owned, legally registered in the United States, and have less than $1 million in annual revenue. A $15 application fee applies for each submission.
Learn more about the HerRise MicroGrant eligibility and application process HERE
2025 Women'sNet Grants Program
The Women’sNet Grant Program offers multiple monthly grant opportunities to support women entrepreneurs at different stages of business growth. Awards provide flexible funding that can be used for operations, expansion, or other essential business needs. Applications are accepted on a recurring basis throughout the year, with new opportunities released regularly. Eligibility varies by grant, but generally requires women-owned businesses operating in the United States.
Discover current Women’sNet grant opportunities and deadlines HERE
Lead Service Line Inventory Grant Opportunity
With more than $6 million available, this initiative assists communities in meeting inventory requirements outlined in the LSLRNA. Grants range from $20,000 to $50,000 per applicant and will be awarded on a first-come, first-served basis until funds are expended. Please note that this grant is solely for lead service line inventorying purposes; lead service line replacement costs are ineligible.
Businesses Reducing Impact on the Environment (BRITE) Program
The Cook County Department of Environment and Sustainability (DES) has launched the Businesses Reducing Impact on the Environment (BRITE) program. This free initiative aids businesses in lessening their environmental impact and promoting a healthier environment for their employees, customers, and community through on-site assessments focused on pollution reduction. Upon completing the assessment, eligible businesses may apply for grant funding.
Community Development Block Grant Economic Development Program
The Community Development Block Grant for Economic Development provides funding to municipalities aiming to attract or expand private businesses that create or retain jobs. Priority is given to projects that benefit low-to-moderate income workers. Grants may also support public infrastructure improvements that indirectly foster private sector growth. Funding is available year-round on a rolling basis, subject to fund availability. Applicants must be eligible local governments and meet all program requirements to qualify.
Learn more about the Community Development Block Grant Economic Development Program HERE.
Illinois Reproductive Health Facilities Capital Grant Program
The Illinois Reproductive Health Facilities Capital Grant supports abortion providers with funding for capital improvements that expand and protect access to reproductive health care. Grants range from $50,000 to $500,000 and may be used for new construction, facility renovations, major repairs, and the purchase of durable medical equipment. Eligible projects can also include mobile care units and security upgrades such as surveillance systems and barriers. A 15% match of the total project cost is required.
Learn more about the Illinois Reproductive Health Facilities Capital Grant Program HERE.
CDBG Disaster Response Program
The Illinois CDBG Small Cities Program provides competitive grants to small municipalities for projects that support economic and community development, with a focus on benefiting low-to-moderate income residents. Administered by the Illinois Department of Commerce and Economic Opportunity, the program funds critical needs such as infrastructure upgrades, housing improvements, and public facility enhancements. Eligible communities must meet federal and state criteria and demonstrate measurable outcomes in job creation, service access, or community well-being.
Learn more about the CDBG Disaster Response Program HERE.
CDBG Economic Development Program
The Economic Development Grant provides funding to local governments for projects that drive job creation, retain permanent employment, and attract private investment. Grants are awarded based on project feasibility, demonstrated financial need, and measurable benefits to low-to-moderate income individuals. Funding is available year-round on a rolling basis until fully allocated. Eligible projects must show clear economic impact through business expansion, infrastructure improvements, or long-term community development outcomes.
Learn more about the CDBG Economic Development Program HERE.
Chicagoland Chamber Employer Training Investment Program (ETIP)
The Chicagoland Chamber Employer Training Investment Program (ETIP) offers a 50% reimbursement to employers investing in workforce training. Whether partnering with approved training providers, using existing trainers, or conducting internal training, businesses can receive financial support to enhance employee skills and drive economic recovery.
Eligible employers must demonstrate a commitment to workforce development and meet program requirements.
Learn more about ETIP HERE.
Hivers & Strivers Pitch Us Program
The Hivers & Strivers Pitch Us Program provides funding opportunities exclusively for military veterans with highly scalable, innovative business ideas. The program offers investment capital to help veteran entrepreneurs transform their concepts into impactful ventures. Applicants must be U.S. military veterans
Learn more about the Pitch Us Grant HERE.
8(a) Business Development program
The 8(a) Business Development Program offers socially and economically disadvantaged small business owners access to federal contracting opportunities, along with specialized training and support. Participants receive management, technical, financial, and procurement assistance to enhance long-term competitiveness. Eligible applicants include businesses owned by socially disadvantaged individuals, Alaska Native corporations, Indian tribes, Community Development Corporations, and Native Hawaiian organizations. The program emphasizes sustainable business growth through targeted development resources.
Learn more about the 8(a) Business Development program HERE.
MBDA Federal Grants
The MBDA Growth Grant supports third-party organizations working to advance the growth and global competitiveness of minority business enterprises (MBEs). Funding is provided through grants and cooperative agreements to programs that align with the Agency’s mission. Priority is given to organizations offering services that directly assist MBEs in areas such as access to capital, contracting opportunities, and business development. Applicants must demonstrate capacity to deliver measurable outcomes and must meet federal eligibility requirements.
Learn more about the MBDA program HERE.
The Warrior Rising Program
The Warrior Rising Vetrepreneur Program empowers U.S. military veterans to become successful entrepreneurs through mentorship, training, and startup funding. Founded in 2015, the nonprofit supports “Vetrepreneurs” with access to remote learning, expert guidance, and grant opportunities. Priority is given to veterans with a clear business plan and commitment to long-term growth. The program aims to build a strong community of veteran-owned businesses, with a bold goal of creating 100 million-dollar veteran-led companies.
Learn more about the Warrior Rising program HERE.
Breva Thrive Grant
The Breva Thrive Grant awards $5,000 to small businesses demonstrating community impact. Priority is given to businesses operating for at least one year, preferably with $35,000 or more in annual revenue. Special consideration is given to women- and minority-owned businesses serving underrepresented communities. Applicants must be legally registered in the United States and show measurable positive impact through job creation, innovation, or improved access to services.
Review complete Breva Thrive Grant guidelines HERE
Community Development Grant - Large
The Community Development Grant provides large-scale funding—typically exceeding $5 million—for commercial, cultural, industrial, institutional, social service, and mixed-use projects. Grants are designed to cover up to 25% of total project costs for new construction, rehabilitation, or both. Eligible applicants include private and nonprofit developers, property owners, and tenants, applying individually or in partnership. Funding is awarded through competitive, semi-annual application rounds.
Lead Service Line Replacement
Free Lead Service Line Replacement
LeadCare Cook County is a free program designed to help child care providers in suburban Cook County create safer, healthier learning environments. Participants receive no cost lead service line replacement performed by licensed plumbers, along with support to meet state lead testing and mitigation requirements.
Through the program, providers gain access to fully funded infrastructure upgrades that would otherwise cost up to $20,000 to ensure clean, safe drinking water for the children in their care. LeadCare Cook County is open to both licensed and licensed exempt child care facilities in suburban Cook County, with no financial commitment required to participate.
Learn more about LeadCare Cook County HERE
Healthy Living, Healthy Financing (HLHF)
Healthy Living, Healthy Financing (HLHF) is a community focused initiative designed to expand access to healthy foods and support wellness in low to moderate income neighborhoods. Through the program, GAC provides innovative financing solutions that deliver the right capital to local growers, food purchasers, and other organizations strengthening the local food ecosystem. HLHF also incentivizes businesses to source locally grown foods, helping them offer healthier options to the communities they serve. GAC offers hybrid loans of up to $100,000 to help food entrepreneurs meet both short and long term business needs. The program is open to local food businesses and ecosystem partners committed to improving food access and community wellness at no upfront cost.
Learn more about this program HERE
Employee Relief Fund Application
The Restaurant Employee Relief Fund is a financial assistance program created by the Illinois Restaurant Association Educational Foundation (IRAEF) to support Illinois food and beverage workers experiencing unexpected hardship. Eligible workers facing events such as illness, injury, accidents, natural disasters, or the death of an immediate family member within the past 90 days can apply for emergency support. The program provides grants ranging from $250 to $3,000 to help cover essential living expenses during life altering situations. All applications are reviewed based on available funding, and grants are limited to one per individual.
Learn more about the restaurant employee relief fund HERE
Tax Incentives
Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit (WOTC) is a federal tax credit that helps employers who hire and retain veterans and individuals from specific target groups facing significant employment barriers. Each year, employers claim about $1 billion in WOTC tax credits. Eligible workers include veterans; Temporary Assistance for Needy Families (TANF) recipients; Supplemental Nutrition Assistance Program (SNAP) recipients; residents of Empowerment Zones or Rural Renewal Counties; vocational rehabilitation referrals; ex-felons; Supplemental Security Income (SSI) recipients; summer youth employees living in Empowerment Zones; and the long-term unemployed (LTUR).
Increased Tax Credit for Hiring Formerly Incarcerated Individuals
The new law boosts the tax credit for businesses hiring formerly incarcerated individuals from 5% to 15% of qualified wages, increasing the maximum credit from $1,500 to $7,500. These funds can be used for workforce transition and on-the-job training, supporting the Illinois economy by reducing reincarceration costs and generating long-term revenue through taxes. Stably employed individuals returning from incarceration have a 62% lower risk of recidivism, enhancing public safety. The General Assembly has allocated $1,000,000 to this program, so small businesses should act now to supplement their workforce. Stay tuned for updates on how to apply for the tax credit!
Learn more about this tax credit HERE
Illinois Apprenticeship Education Expense Tax Credit Program
The Illinois Apprenticeship Tax Credit provides employers with a tax credit for qualified educational expenses related to apprentices. Employers can receive up to $3,500 per apprentice against Illinois income taxes, with an additional credit of up to $1,500 per apprentice if either the apprentice or the employer’s principal place of business is located in an underserved area. This credit incentivizes workforce development and skill-building within Illinois communities.
Illinois Angel Investment Tax Credit Program
The Illinois Angel Investment Tax Credit Program incentivizes investments in innovative, early-stage Illinois companies by offering investors a state tax credit equal to 25% of their investment, up to $2 million. Eligible businesses must be certified as Qualified New Business Ventures (QNBVs). This program aims to provide critical working capital to fuel company growth and innovation within the state.
Economic Development for a Growing Economy Tax Credit Program (EDGE)
Illinois’ EDGE program provides annual corporate tax credits to qualifying businesses which support job creation, and capital investment and improve the standard of living for all Illinois residents. Initial qualification criteria require certain job creation and project investment.
Illinois Opportunity Zones
The Opportunity Zones Investment Program incentivizes investors to direct capital into designated Illinois areas needing economic revitalization. Established through the 2017 Tax Cuts and Jobs Act, this program offers temporary tax deferrals for investments made in Opportunity Zones—communities selected based on factors like poverty, unemployment, crime rates, and population challenges. The initiative aims to stimulate job creation and long-term investment in underserved neighborhoods.
Learn more about the Illinois Opportunity Zones HERE.
DRS Employment Services
The Illinois Department of Rehabilitation Services (DRS) partners with businesses to provide sustainable, no-cost, and low-cost strategies for recruiting, training, and retaining a skilled workforce. Through this partnership, businesses gain access to qualified vocational rehabilitation professionals who offer job analysis, job coaching, training, and job accommodations or technical assistance. Additionally, DRS helps businesses take advantage of financial incentives for hiring individuals with disabilities, including On the Job Evaluations (OJE), which reimburse wages during job performance evaluations; On the Job Training (OJT), which reimburses wages for training new hires with disabilities; and Work Opportunity Tax Credits (WOTC), offering tax credits for employing targeted low-income groups such as vocational rehabilitation candidates and Social Security recipients.
Film Production Tax Credit
The Illinois Film Production Tax Credit supports film, TV, and advertising projects by offering a 30% tax credit on qualified production expenses. With diverse locations—from Chicago’s iconic skyline to historic neighborhoods and scenic landscapes—Illinois provides an ideal setting for creatives. This incentive helps attract and grow the state’s vibrant film industry.
Advantage Illinois
The Advantage Illinois – SSBCI 2.0 Program is a $220 million initiative launched by the State of Illinois to support small businesses, with a strong emphasis on equitable access to capital. Administered by the Illinois Department of Commerce and Economic Opportunity (DCEO) and guided by the U.S. Department of the Treasury, the program prioritizes outreach to historically marginalized groups, including Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses. Advantage Illinois offers two financing tools aimed at promoting job creation and retention: the Participation Loan Program (PLP), which reduces lender risk by purchasing a portion of term loans to offer more favorable rates to borrowers; and the Loan Guarantee Program (LGP), which provides partial principal repayment guarantees to lenders in case of loan default. These efforts collectively work to break down barriers to funding and drive inclusive economic growth throughout the state.
Illinois Innovation Venture Fund (INVENT)
The Illinois Innovation Venture Fund (INVENT) is a $114 million equity capital program supported by the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) and administered by the Illinois Department of Commerce and Economic Opportunity (DCEO). The program is designed to expand access to capital for small businesses, with a focus on Capital Disadvantaged Business (CDB) owners, socially and economically disadvantaged individuals (SEDI), and industries aligned with Illinois’s broader economic development strategy. By prioritizing historically underserved entrepreneurs, the fund aims to promote sustainable business growth and drive inclusive economic development across the state.
Climate Bank Finance Participation Program
The Climate Bank Loan Program is administered by the Illinois Finance Authority (IFA) in partnership with local lenders and overseen by the Illinois Department of Commerce and Economic Opportunity (DCEO). As Illinois’s officially designated “Climate Bank,” the IFA focuses exclusively on providing SSBCI-supported financing to support the startup and expansion of environmentally focused or “green” businesses. These ventures include those addressing the adverse impacts of climate change, with the goal of fostering sustainable development and advancing the state’s climate and clean energy objectives.
Learn more about the Climate Bank Finance Participation Program HERE.
SBAC Annual Sponsors
