NORTHERN ILLINOIS COMMUNITY VENTURES (NICV)

Small business loan funding

The Northern Illinois Community Ventures (NICV) program is a partnership between Northern Illinois Community Initiatives (NICI) and Allies for Community Business (A4CB) that provides small business loans to minority and women entrepreneurs in priority areas Joliet, Rockford, and South Suburban Cook County as they sustain, expand, or start their businesses. Allies for Community Business’ flexible loan criteria ensures applicants do not face systemic barriers such as race or credit score in qualifying for a loan that could transform their business.

Over four years, NICI is investing $1M in loans to priority areas Joliet, Rockford, and South Suburban Cook County

We believe that when small businesses have the opportunity to succeed, their communities thrive. Often, however, minority and women entrepreneurs encounter barriers to securing the capital needed as a foundation to make their businesses successful. In underserved communities, these barriers perpetuate a cycle of suppressed economic mobility.

NICI invests in small business support to help break the cycle so that businesses can build wealth at the community level.

To apply for a loan, please visit our partner Allies for Community Business.

“I applied and in less than a week, it was funded and in the bank account. It was a smooth, easy process. I was very happy with the amount and my interest rate. Most banks would be 18 to 24 percent. It’s easy to pay back and very flexible.”

– NICV recipient Latania Johnson, Ms Tiff Enterprises

FAQ

  • Since 2023, NICI is investing $250,000 annually in NICV loans through a partnership with community development financial institution (CDFI) Allies for Community Business. A4CB shares our commitment to fostering economic mobility and community wealth. A4CB’s flexible loan criteria guarantees: “We do not use credit scores and do not put liens on your personal assets. Instead, we evaluate how well you have managed your debts over the past two years and how much cash you have available to make monthly loan payments to us.”

    Minority and women entrepreneurs can smoothly apply for a loan through A4CB’s website. Loan approval takes place in only a couple of days. NICI’s only criteria to qualify for a NICV loan is for the business to be minority- and/or woman-owned and for the business to be located in one of NICI’s three priority areas: Joliet, Rockford, and South Suburban Cook County.

  • Yes! A4CB will review a credit profile as part of the application process, but credit scores are not factored into loan approval. Instead, A4CB will evaluate debt management and your ability to meet monthly loan payments.

  • NICV small business loans may be used for minority and women entrepreneurs as they sustain, expand, or start their business. Previous NICV recipients have used their small business loans for everything from supporting general operating expenses to funding new programs to transforming a business from a local service provided by one person to a virtual office with multiple employees and clients nationwide.

  • Once A4CB notifies the applicant of their loan approval, NICI will reach out with additional information on additional resources and opportunities for the recipient through NICV.

For more information, please visit A4CB’s website: a4cb.org/services/loans