Grants

Community Development Grants

Administered by the City of Chicago Department of Planning
and Development

The City of Chicago helps support business and neighborhood vitality through Medium ($300,001 to $5 million) and Large ($5 million and up) Community Development Grant (CDG) awards.

Eligibility

Eligibility requirements vary depending on funding level. Please review the requirements for each funding level:

• Medium CDG Eligibility
• Large CDG Eligibility

Medium CDG Deadline: February 14, 2025

Large CDG Deadline: Rolling

McKinsey Fast Grants

Administered by McKinsey & Company and Allies for Community Business

McKinsey and A4CB will provide $10,000 grants to four small businesses whose founders show significant promise for impact. Grantees will also have access to McKinsey support to help refine and scale their organizations over a six-month period.

Eligibility

Applications will be evaluated based on both qualitative and quantitative answers submitted. A selection committee identified by McKinsey will review all eligible submissions received during the application window and use the following criteria to determine top finalists:  

• Completeness of application  
• Demonstrated potential for community impact as described in Section 4 of the application including compelling personal story, strong vision for the future of the organization, and a clearly defined opportunity for McKinsey (e.g., focus areas, resources needed).  

Deadline: February 18, 2025 at 11:59pm CT

OE3 Small Business Capital and Infrastructure Grant Program

Administered by the Illinois Department of Commerce and Economic Opportunity (DCEO)

Governor JB Pritzker and DCEO will provide $10 million in funding for the Office of Economic Equity and Empowerment (OE3) Small Business Capital and Infrastructure Grant Program to help small businesses achieve sustainable growth, improve efficiency, and create and retain jobs. This grant funding will help small businesses improve infrastructure, acquire essential equipment, or purchase new property. Grantees will be selected through a competitive Notice of Funding Opportunity (NOFO) process. Qualified entities can apply for grants from $10,000 to $245,000.

Eligibility

• Businesses owned by Socially Economically Disadvantaged Individuals (SEDI) which includes minorities, women, people with disabilities, veterans, and members of the LGBTQ+ community
• Businesses with a maximum of 25 full-time permanent employees
• Priority will be given to businesses located in Community Development Financial Institution (CDFI) Investment Areas, especially those with project proposals that focus on job creation, economic revitalization, or increased community engagement in these areas

Deadline: April 7, 2025

Small Business Improvement Fund

Administered by the City of Chicago and SomerCor

The City of Chicago’s Small Business Improvement Fund provides small businesses with reimbursable grants for permanent building improvement costs.

Eligibility

• Commercial and industrial business located in Chicago’s TIF districts
• Industrial businesses must have 200 or fewer employees
• Commercial businesses must gross average annual sales under $9M for the prior 3 years

Deadline: Dependent on TIF district