West Cook News

Cook County, Illinois, has introduced a new grant program aimed at enhancing the lending capabilities of community financial institutions (CFIs) to support small businesses. The Cook County Community Financial Institution Capacity Building Grant program, announced by Cook County Board President Toni Preckwinkle, will distribute $1.4 million in grants to up to four nonprofit lending organizations.

Applications for the program are open until July 25, 2025. "We developed this innovative program to address documented gaps in the access-to-capital landscape for small businesses," stated President Preckwinkle. She emphasized the county's commitment to supporting small businesses as essential components of the local 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 often serve businesses that do not qualify for traditional bank loans.

Applicants must have a minimum of two years of lending experience and be in good regulatory standing while seeking to offer or expand small business lending within Cook County. The funds can be used to enhance their capacity for small business lending or improve operational aspects related to it.

The Cook County Bureau of Economic Development created this program as a complement to the existing Cook County Small Business Source program, which offers various resources free of charge to entrepreneurs. A recent assessment conducted with Next Street highlighted limited funding availability from CFIs and underscored the necessity 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."

Horacio Mendez, president and CEO of Woodstock Institute, also expressed support: "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 can be found on cookcountyil.gov/cfigrant.