Minority Loan Program Promotes Business Development
CHICAGO — The Chicago Community Loan Fund has launched a $25 million loan fund to support African Americans, Latinos and other entrepreneurs of color.
The Communities of Color Fund will provide loans of up to $1 million to borrowers of color for a 10-year term with an interest rate of 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; commercial retail expansion; create jobs through social enterprise; provide community services through a non-profit facility; and developers building such projects in Chicago-area communities of color.
Funding is available only for new projects, including those impacting low-to-moderate income areas of suburban Cook, Will, DuPage, Kane, McHenry and Lake counties. For more information, visit cclfchicago.org.