Illinois Climate Bank’s SSBCI Program

 State Small Business Credit Initiative

This program is designed to empower small businesses by improving access to capital, particularly in markets that have historically been underserved or subjected to discrimination. It places a strong emphasis on providing targeted support to Socially and Economically Disadvantaged Communities and Individuals (SEDI) and Very Small Businesses (VSB). Additionally, the program contributes to the Climate Bank Finance’s Participation Loan Program, further enhancing its capacity to address critical funding gaps and promote equitable economic growth.

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Funding

 

IFA can participate at the lesser of:

  • ​25% of the Total Project​
  • 50% of the Loan​
  • $2 Million​

Loan Terms:​ 

  • Maximum term of 7 years​
  • 2% Per annum ​

For each $50k participated, there should be one full time job estimated to be created or at-risk jobs to be retained in the next two years​


Administrator

Illinois Climate Bank

Eligible Projects


For a project to be eligible, it must  have a component of clean energy.

Borrower Criteria:

  • No more than 750 employees​
  • Must operate in the State of Illinois​
  • Be in good standing with the Illinois Secretary of State​
  • Clear of any back taxes ​
  • No bankruptcies, judgements, or liens in the past 5 years


Building Sector

Small businesses and very small businesses

Process

When applying, Participating Lenders must provide: ​

  • Lender and Borrower Application materials and certifications
  • Approved internal credit report with supporting documentation
  • IFA reviews loan participation request
  • IFA approval of CBF participation loan 
  • Participating lenders provides credit facility to borrowers

Advantages

  • Federal program that empowers small businesses to access capital ​
  • Provides increased support for markets that have been disinvested in
  • Focuses on support for Socially and Economically Disadvantaged Communities and Individuals (SEDI) as well as Very Small Businesses (VSB)​
  • Funds the Climate Bank Finance’s Participation Loan Program

Additional Information

N/A