Cook County Launches Grant Program for Community Financial Institutions

COOK COUNTY, IL—Cook County Board President Toni Preckwinkle announced today the launch of the Cook County Community Financial Institution Capacity Building Grant program, which will improve the ability of community financial institutions (CFIs) to lend to small businesses countywide. 

Applications for this $1.4 million program are open through July 25, 2025. The County anticipates awarding grants to up to four nonprofit lending organizations.

“We developed this innovative program to address documented gaps in the access-to-capital landscape for small businesses,” said President Preckwinkle. “This program will help community financial institutions address that. My administration will always remain committed to providing as many resources as possible to our small businesses, which are the backbone of our economy.” 

Eligible applicants include nonprofit lending organizations interested in serving small businesses in Cook County, such as Certified Development Corporations, Community Development Financial Institutions, Minority Depository Institutions and U.S. Small Business Administration microlenders. These organizations serve businesses that often do not qualify for conventional loans offered by banks. 

Applicants must have at least two years of lending experience, be in good standing with all relevant regulatory bodies, and be seeking to offer, or expand, small business lending within Cook County. 

Organizations may use funds to increase their lending capacity for small businesses, or their operational capacity in regards to lending to small businesses, such as investments to staff, technology or marketing. 

The Cook County Bureau of Economic Development developed this program to complement the Cook County Small Business Source program, which provides a bevy of resources to entrepreneurs at no cost. 

The most sought-after service at The Source by businesses is access to capital, and in 2023, the bureau, working with program partner Next Street, which provides end-to-end solutions to support small businesses, completed a landscape assessment regarding capital available to small businesses. 

That assessment revealed that CFIs offered limited funding to small businesses—and underscored the need for this grant program. 

"We commend Cook County for their bold and pioneering role in expanding access to responsible capital for small businesses by investing directly in the institutions that serve them,” said Next Street CEO Charisse Conanan Johnson. “Through our work in communities across the country, we know that entrepreneurs, especially in communities that have historically experienced underinvestment, increase their odds to succeed due to long-term transformative initiatives like the County’s.” 

Organizations such as Woodstock Institute, a Chicago-based research and policy nonprofit that advocates for increased investments in community development, especially in disinvested communities, expressed enthusiastic support for this program. 

"Strong local economies start with strong small businesses, but persistent gaps in access to safe and affordable financing make it too difficult for owners to sustain and grow their businesses. We applaud the County’s initiative to help local financial institutions fill those gaps," said Horacio Mendez, president and CEO of Woodstock Institute. "There are lenders in Cook County already working to support small businesses and others that are ready to step up their efforts. This program can help multiply their impact and build a stronger Cook County." 

For more information on the Cook County Community Financial Institution Capacity Building Grant, visit cookcountyil.gov/cfigrant.