SBA Microloan Program
SBA funds nonprofit intermediary lenders that make smaller business loans and provide technical assistance. Proceeds can support working capital, inventory, supplies, furniture, fixtures, machinery, and equipment, but cannot be used to purchase real estate or repay existing debt.
Check an Address — Free Snapshot
See whether a specific Chicago address sits inside the area that unlocks SBA Microloan Program, alongside every other incentive that touches that parcel.
Eligible startups, existing small businesses, and certain nonprofit childcare centers apply through an SBA-authorized intermediary. The intermediary sets its own credit, collateral, training, documentation, and repayment requirements within SBA program rules.
SBA Microloan Program is administered at the federal level. Depending on the program, eligibility may depend on the specific location, property type, or business activity rather than a single drawn boundary.
Boundaries are precise and change over time, so exact eligibility always depends on the specific address. The fastest way to know is to run a free snapshot for the parcel you have in mind.
Typical range · Terms and amount are determined by the intermediary; no approval or financing amount is implied
- +Can support equipment, furniture, fixtures, supplies, inventory, and working-capital needs
- +Delivered through a nonprofit intermediary rather than directly by SBA
- +Intermediaries pair financing with business guidance and technical assistance
- +May be worth comparing when a conventional bank or larger fixed-asset structure does not fit the project
- 1Define the equipment or business need, timing, vendor quote, and total installed cost
- 2Contact an SBA-authorized Microloan intermediary serving Illinois, such as Justine PETERSEN, and confirm current Chicago intake
- 3Prepare the business and personal financial records, tax returns, bank statements, ownership records, business plan or narrative, projections, and vendor quotes requested by the intermediary
- 4Compare the intermediary's written terms with CDFI, bank, vendor-financing, and equipment-lease options before signing
Ask the listed intermediary whether it is currently accepting Chicago applications for your proposed use of funds
- Business formation and ownership records
- Business and personal tax returns requested by the intermediary
- Current business financial statements and bank statements
- Business plan or project narrative and cash-flow projections
- Equipment, inventory, or supplier quotes
- Debt schedule and explanation of the proposed use of funds
This page is a starting point, not eligibility, legal, or tax advice. Verify current requirements, deadlines, and boundaries with the administering agency before applying or spending money — program rules and funding change over time.
- Confirm current Chicago service and permitted use directly with the intermediary — Justine PETERSEN
Do not order equipment or rely on financing until the intermediary confirms current intake, required documents, underwriting, and terms.
- Web
- Visit site ↗
- Phone
- (312) 353-4528
- Web
- Visit site ↗
Last verified 2026-07-27
Created by the 2017 Tax Cuts and Jobs Act and made permanent by the One Big Beautiful Bill Act (OBBBA, Pub. L. 119-21, July 2025) on a 10-year designation cycle. OZ 2.0 governor nominations underway July 2026; new OZ 2.0 map effective 1/1/2027. Existing OZ 1.0 tracts remain valid through 12/31/2028.
WOTC LAPSE NOTICE: The Work Opportunity Tax Credit (WOTC) expired December 31, 2025. As of July 2026 it is in legislative hiatus — no new credits are available for employees starting work on or after January 1, 2026. WOTC has historically been reauthorized retroactively; employers are advised to CONTINUE pre-screening new hires using IRS Form 8850 to preserve potential retroactive eligibility. Credit value: $2,400–$9,600 per qualifying hire.
The New Markets Tax Credit program was made permanent by OBBBA (July 2025) with $5 billion in annual allocation authority — eliminating the prior reauthorization risk. The 39% federal tax credit on qualified equity investments through certified CDEs continues without sunset. CY 2026 application round not yet open as of July 2026. NMTC flows through Community Development Entities (CDEs), not directly to businesses — projects typically $5M+.
HUD-designated Qualified Census Tracts boost Low-Income Housing Tax Credits (LIHTC) by 30%, making affordable housing development more financially viable in these areas.