Since 1994, Accion Chicago has made $37 million in small business loans to more than 4,600 locally owned businesses. The organization will use the Community First Fund loan to grow its Small Business Development Program, which extends credit to local entrepreneurs with an emphasis on long-term loans provided through the Small Business Association (SBA) Community Advantage Program. Community First Fund financing will support entrepreneurs' efforts to generate income, become bankable, build assets, and create lasting economic vitality in their neighborhoods.
"This partnership with the Community First Fund will help us meet the growing demand for small business loans in Illinois," said Jonathan Brereton, CEO, Accion Chicago. "By providing loans up to $100,000 to qualified borrowers, we fill a gap in the credit market. Without Accion, and the support of the Community First Fund, many of the region's budding entrepreneurs and promising start-ups would be pushed toward predatory lending companies or stranded without access to credit."
For more information about the Federal Home Loan Bank of Chicago and the Community First Fund, please visit www.fhlbc.com or @FHLBC. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago.
For more information on Accion Chicago, please visit http://accionchicago.org.
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SOURCE Federal Home Loan Bank of Chicago