Minority loan program promotes business development
CHICAGO - The Chicago Community Loan Fund has launched a $25 million loan fund to support African American, Latino and other business developers of color.
The Communities of Color Fund will provide loans up to $1 million to borrowers of color for a 10-year term with an interest rate 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; expanding commercial retail; creating jobs through a social enterprise; offering community services through a nonprofit facility; and developers building such projects in Chicago-area communities of color.
Financing is available for new projects only, including those impacting low- to moderate-income areas of suburban Cook, Will, DuPage, Kane, McHenry and Lake counties. For information, visit cclfchicago.org.