Find loans and/or free grants in Illinois for your business. There are funds allocated to disadvantaged businesses, which include minority companies (Black, Latino, Asian owned) as well as women owned or veteran businesses. Find free business grants or interest free loans near you in Illinois.
A number of lenders, corporations, and non-profits provide help. Everything from free grants to low cost loans, mentoring, money for entrepreneurs and other small business or start up assistance is provided.
Small business funding may be provided by the federal government or state of Illinois. There are also non-profit grant programs, loans from banks or foundations, and more. Each loan or free grant program listed will allocate some of the money for women as well as minority owned (or run companies). Some of the agencies may also give startup funding to entrepreneurs or mid sized companies as well.
Funds are allocated across the state. There is financial assistance for minority and black men or women owned businesses in Chicago, Joliet, Springfield and other IL cities. Free grants or loans can generally cover any business expense, ranging from rent to insurance, equipment, payroll, and other costs. The money can help save a business, such as MWBE, or provide the capital they need to grow.
Small business loans or free grants in Illinois
The list below is updated daily, as new free grants as well as loan programs are announced. Call or look online to apply for help. Black owned companies, LGBTQ, Latinos, Asians, and women owned businesses can get the help they need.
January and February 2026
The Springfield Minority Business Institute will be holding sessions and workshops focused on helping MWBE owned businesses get the support they need. There will be discussions over grants, classes on starting a business and many other topics, all of which are noted here Springfield Office of Community Relations. The Office of Community Relations accepts applications and the number is 217-789-2270.
The city of Rockford Business Association Development Grant Engagement is an investment from the city that will help small business associations provide more services. It can help MWBE, veteran, Hispanic, LGTBQ+ associations grow and invest with more details here https://www.rockfordil.gov/764/Business-Association-Funding-Programs
The CEJA Clean Energy Contractor Incubator Program is accepting applications until February 16th. The state program is focused on small, often underserved businesses, that need help starting or expanding their clean energy business. Financial help, mentoring, and other support is provided with applications and details here https://dceo.illinois.gov/aboutdceo/grantopportunities/3271-4204.html
August and September 2025
Arts of Starved Rock Country Fund is providing grant money to non-profits in Rock County IL . Applicants need to be focused on art, culture and nature type needs. Some of the funds will be allocated to minority and women owned non-profits in the area as well with details here. https://srccf.org/grant-information/
There are also older grant and loan programs that were issued, and find previous IL grant programs for businesses.
By Jon McNamara
