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.
February and March 2025
Community Foundation of Central Illinois (CFCI) is providing grant money to non-profits with a social cause. They focus on Arts, Animal Welfare, Musical & Cultural Activities, Sculpture/Visual Fine Arts for Display and Art Therapy Initiatives. All non-profits, including those owned by MWBE organizations, can apply. The 2 programs are Jean M. Ligon Animal Welfare Grants as well as Arts Mean Business Fund Grants and apply here. https://communityfoundationci.org/wp-content/uploads/2024/12/CFCI-Grant-Guidelines-2025-2026.pdf
The Cannabis Grant Program in Springfield IL will be available in March, with more information provided in February. The grant program is for minority owned Cannabis type businesses in the city, with the City of Springfield’s Office of Planning and Economic Development taking applications and disbursing the funds. The money can cover a wide range of expenses, with tens of thousands of dollars being allocated. Find details here. https://www.springfield.il.us/CannabisBusinessGrant.aspx
January and February 2025
A free business accelerator program from the City of Carbondale and the state of Illinois Small Business Development Center is available. A focus is on very small, MWBE – Veteran owned businesses. The accelerator combines free mentoring, coaching, and referrals to grants and dial 618-536-2424 or email sbdc@siu.edu for details.
Chicago area disadvantaged businesses (Socially Economically Disadvantaged Individuals) including women, LGTBQ+, those owned by people of color and vets can apply for grants ranging from 10K to 245K. The Department of Commerce and Economic Opportunity is processing applications, and get details here. https://dceo.illinois.gov/
There are also older grant and loan programs that were issued, and find previous IL grant programs for businesses.
By Jon McNamara
