Funding & Financing for Small Businesses

Illinois Energy Efficiency Small Business & Multifamily Loan Program

ComEd and Nicor Gas customers are eligible to receive loans up to $150,000 for energy efficiency projects in their buildings. The loan is repaid through an additional charge on the customer’s utility bill. Loans can be paid over 1-10 years with a fixed interest rate. There is no penalty for early payment.



Illinois Climate Bank’s SSBCI Program

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.

SomerCor SBA 504 Green Loan

The SBA 504 Green Loan program is designed to assist small businesses for the acquisition of commercial real estate and heavy machinery/equipment. The program can also be used to refinance certain qualifying fixed-asset debt, providing an additional opportunity for small businesses to take advantage of the long-term, fixed-rate financing of the program. The program now has no cap on the total project size and offers loans up to $5.5 million per project. To qualify, businesses must either reduce energy consumption by 10%, generate 15% renewable energy, or use sustainable design.

DCEO Small Business Capital and Infrastructure Grant Program

DCEO Small Business Capital and Infrastructure Grant Program | Applications open through April 7, 2025 for grants $10,000 - $245,000 for eligible project activities.



ComEd Energy Efficiency Program: Small Business and Facilities

ComEd customers that operate smaller businesses and facilities (peak demand under 400 kW) are eligible for incentives on energy-saving projects in their buildings. Building owners can submit an interest form and get matched with a ComEd-approved Service Provider that will complete an energy assessment, compile a list of recommendations, and coordinate project delivery. The Service Provider can also apply ComEd incentives to bring project costs down. The program applies to existing buildings looking to pursue energy efficiency upgrades.

Nicor Gas Energy Efficiency Program

Nicor offers multiple resources for customers looking to complete energy efficiency projects. Businesses can receive free assessments and products, rebates for select energy efficiency projects, and custom incentives for projects that do not fall under the standard list of rebates. Nicor’s Emerging Technology program also seeks to bring new energy efficient technology into the market.



SomerCor Small Business Improvement Fund

The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses and property owners with reimbursement grants for permanent building improvement costs. Residential projects are not eligible.

The SBIF grant is funded by local Tax Increment Financing (TIF) revenue and is made available to business and property owners located in the SBIF-eligible TIF districts citywide. 

SBIF applications must be submitted during monthly rollout periods for individual TIF districts. To see upcoming dates, click learn more below.

ComEd Facility Assessments

ComEd can help find energy-saving opportunities, whether it's lights, HVAC system, chillers, or motors. When scheduled, an approved energy engineer will either conduct an in-person or virtual Facility Assessment. There, they will spend approximately two hours with you assessing your facility to identify energy-efficiency opportunities. Within three to four weeks, you will receive a report detailing energy efficiency projects that you can start working on immediately. Each recommendation will include estimated energy savings, cost savings, project cost, potential incentives, and simple payback.