Small Business Loans in Chicago

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Small business owners like you are constantly searching for funding options that work best for your business. Every company is unique and requires a financing solution that reflects their individual needs. We provide business loans and short-term cash flow solutions for companies throughout the city of Chicago, IL area. So, regardless if you need to keep operations running, finance business renovations, or put an end to a cash flow problem — Advance Point Capital can help.

Traditional bank loans are a pain for small businesses to obtain. If you have found yourself waiting on the bank’s decision, or are afraid you may not be approved, don’t worry. There is still a wide variety of financing opportunities for you to choose from when you need cash for your business.

Small Business Term Loans

If you’re a Chicago small business looking for a financing option that resembles that of a traditional bank loan, a business term loan is a great option. You receive a fixed amount of capital upfront at a fixed cost, along with a fixed term and fixed payment.

  • $10,000 to $1,000,000
  • All credit types are considered
  • Fast processing time
  • 1-5 year repayment plan

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Business Term Loans

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Small Business Line of Credit

Similar to a business credit card, a business line of credit enables Chicago small business owners with the ability to draw money from the line when they need it most. You’re able to do this to its limit and pay interest on your outstanding balance.

  •  $10,000 to $1,000,000
  • Credit scores above 500
  • Speedy processing time
  • Revolving repayment

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Business Line of Credit

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Short Term Small Business Loan

A short term business loan is perfect for businesses with financial roadblocks like poor credit or short time in business. The term length for this type of loan is around 6-18 months.

  • $10,000 to $1,000,000
  • Substandard, Mid-Prime, to Subprime credit scores, are considered
  • Processing Time: as little as one day
  • Length of time of Repayment: 6 to 18 months

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Short Term Business Loans

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Merchant Cash Advance

The perfect option for Chicago businesses that get a lot of their revenue from credit and debit card sales. With a merchant cash advance, you’re able to leverage your monthly cash flow and repay your advance with future sales. One of the most flexible ways to get cash fast without any term limits.

  • $10,000 to $1,000,000
  • Poor credit considered
  • Processed in as little as 24 hours
  • Flexible repayment options

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Merchant Cash Advance

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Equipment Financing

Equipment financing allows you the freedom to use the equipment you are buying as collateral for the cash you need today. This option is perfect for businesses that invest heavily in equipment like healthcare industries.

  • $10,000 to $1,000,000
  • All credit types considered
  • Processed in as little as 2 days
  • 1-5 year repayment

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Equipment Loans

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Invoice Financing

Otherwise known as invoice factoring, this lending option allows you to leverage outstanding invoices your business has acquired to obtain advances in a day. Invoices typically take 30, 60, or 90 days to get paid. For businesses that need cash fast and can’t wait until they are paid for work, this is a great financing option.

  • $10,000 to $1,000,000
  • All credit types considered
  • Processed in as little as two days
  • Revolving repayment

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Invoice Factoring

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Small Business Administration (SBA) Loans

The Small Business Administration (SBA) is a federal government agency that provides programs, guidelines, and loan guarantees to approved lenders for business loans. The Small Business Administration (SBA) is not a lender and merely provides a guarantee that gives approved lenders the ability to take on the risk of business lending with attractive rates and terms that could not normally be afforded to small businesses. Without the Small Business Administration (SBA) present to provide guarantees, the approved lender would not be comfortable lending under the terms outlined by SBA. The Small Business Administration’s SBA loans are very popular but difficult to acquire due to the requirements, guidelines, and restrictions. AdvancePoint Capital can help guide Chicago small businesses through the process in a clear, fast, and efficient manner to have the best likely hood of approval.

Small Business Administration (SBA) Loan Programs That Can Benefit Small Businesses in Chicago

SBA Standard 7 (a) Loan program- SBA standard 7(a) loan is the SBA’s primary program is designed to provide financial assistance to small businesses.

SBA 504 Loan Program- The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business financing while promoting growth and job creation. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, real estate, land, or land improvements (and certain soft costs) or can also be used to refinance existing debt.

SBA Disaster Loans- Economic Injury Disaster Loans (EIDL)-These loans only provide assistance after natural disasters like tornadoes, wildfires, or floods, but when President Trump declared Covid-19 a nationwide emergency on March 13th, small businesses were able to access this program for emergency financing.

SBA Paycheck Protection Program (PPP) – In response to the COVID-19 crisis, the Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan that will provide access to loans to small businesses affected by the COVID-19 crisis that need financial help and support.

  • $10,000 to $1,000,000
  • Strong personal credit considered
  • Processed in as little as two days
  • Revolving repayment

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Small Business Administration (SBA) Loans

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U.S. Small Business Administration

How to Grow Your Business in Illinois
View the Illinois Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

➠ U.S. (SBA) U.S. Small Business Administration Illinois District Office

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Additional Resources and Grants for Illinois Small Businesses and Loans for Local Businesses in the City of Chicago, IL

Chicago Business Affairs and Consumer Protection– Empowering Businesses and Protecting Consumers- Loans Under $50K

Accion- Accion Chicago is a not-for-profit microlender that provides loans and free coaching to small business owners who lack access to traditional credit sources. Startup and existing small businesses can qualify for loans that range from $500 to $100,000. Accion offers fast turnaround and flexible requirements.

Duman Entrepreneurship Center @ JVS Chicago- The Duman Entrepreneurship Center Loan Fund makes loans up to $15,000 to businesses that can demonstrate that the loan will help grow the business. These are 3-year term loans, with very low-interest rates and no penalty for early repayment. There is a low loan application fee and closing cost. The owners must personally guarantee the loan and the owner’s credit history will be reviewed.

Kiva Zip- Kiva Zip is an online platform that allows underserved entrepreneurs to access 0% interest small business loans up to $5,000 (second loans up to $10,000). These loans are crowdfunded online by individual lenders, connecting borrowers to potential customers, brand ambassadors, and the community.

Women’s Business Development Center (WBDC)- Loans up to $25,000 are available for new and existing small businesses in the City of Chicago and are targeted towards businesses operating in low to moderate-income communities.

Illinois Department of Commerce & Economic Opportunity (DCEO)

Illinois Small Business Emergency Loan Fund DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.

Why Does Your Chicago Small Business Need a Loan?

Businesses need money for many reasons. However, before you choose a loan option, it’s essential to know why your business needs cash. Before you hop into a financing solution that may not be the best fit, let’s look at some popular financing springboards.

Working capital is one of the more common reasons behind a small business loan. Sales often ebb and flow, and keeping the business running may take some additional capital. Marketing is another typical rationale for small business loans. Promotion is a necessary stepping stone for any city of Chicago small business, especially in a market as saturated as Chicago, IL. Equipment and other tools cost money. Keeping up with the latest trends and compliance standards can be costly, making this another popular reason for a small business loan Infrastructure or growth typically means a new office space. Moving up is a great thing, but it also costs a lot of money. Finding financing options is a must for businesses that are scaling up.

Once you have an understanding of why you need a small business loan, it’s important to factor in a few other considerations:

  • How much do you need?
  • Understand your business cash flow
  • What is your budget?

Which Loan Is Right for Your Chicago, IL Small Business?

Unfortunately, there’s no one size fits all solution for Chicago small businesses like yours to determine the best loan option. Instead, you’ll need to consider which loans provide the best value for the length of time you need cash for. Make sure that the costs and repayment plans associated with your loan work with you instead of against you. Your final consideration is a major one. Can you pay back this business loan? If not, it may not be the best alternative financing solution for you. Luckily, there are plenty of business loan options available.

AdvancePoint Capital has been a trusted source for funding throughout the city of Chicago. Chicago small businesses looking for loans have always been able to find the right information and financing option that fits their needs, regardless of their credit score. We’re here to empower small businesses like yours with the capital to keep you going.

The fast, convenient, and straightforward way to get the money you need for your business – now!

Get your quote today by filling out our simple form.