Cook County Board President Toni Preckwinkle has announced the launch of a new grant program aimed at enhancing the lending capabilities of community financial institutions (CFIs) to support small businesses across the county. The Cook County Community Financial Institution Capacity Building Grant program will distribute $1.4 million in grants, with applications open until July 25, 2025.
The initiative is expected to provide funding to up to four nonprofit lending organizations. "We developed this innovative program to address documented gaps in the access-to-capital landscape for small businesses," stated President Preckwinkle. She emphasized her administration's commitment to supporting small businesses, which she described as "the backbone of our economy."
Eligible applicants include nonprofit lending organizations such as Certified Development Corporations, Community Development Financial Institutions, Minority Depository Institutions, and U.S. Small Business Administration microlenders. These entities typically serve businesses that are unable to secure conventional bank loans.
To qualify for the grant, applicants must have at least two years of lending experience and be in good standing with regulatory bodies. They should also aim to initiate or expand their small business lending operations within Cook County.
Grant funds can be used by organizations to enhance their lending capacity or operational capabilities related to small business financing, including investments in staff, technology, or marketing efforts.
The Cook County Bureau of Economic Development designed this program as a complement to the existing Cook County Small Business Source program. This resource provides various supports for entrepreneurs without charge. A landscape assessment conducted by the bureau and its partner Next Street highlighted limited funding availability from CFIs for small businesses, underscoring the need for this grant initiative.
Next Street CEO Charisse Conanan Johnson praised Cook County's efforts: "We commend Cook County for their bold and pioneering role in expanding access to responsible capital for small businesses by investing directly in the institutions that serve them."
Support also came from Woodstock Institute's president and CEO Horacio Mendez: "Strong local economies start with strong small businesses... We applaud the County’s initiative to help local financial institutions fill those gaps."
Further details about the grant program can be found on cookcountyil.gov/cfigrant.