Business

Minority loan program promotes business development

Posted April 06, 2022 11:00 pm

CHICAGO - The Chicago Community Loan Fund has launched a $25 million loan fund to support African American, Latino and other business developers of color.

The Communities of Color Fund will provide loans up to $1 million to borrowers of color for a 10-year term with an interest rate up to 4.75% amortized over 30 years.

Applicants, including for-profit and nonprofit entities, must be led by people of color, undertaking projects that include: seeking to create or preserve affordable housing; expanding commercial retail; creating jobs through a social enterprise; offering community services through a nonprofit facility; and developers building such projects in Chicago-area communities of color.

Financing is available for new projects only, including those impacting low- to moderate-income areas of suburban Cook, Will, DuPage, Kane, McHenry and Lake counties. For information, visit cclfchicago.org.

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