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All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.

Chicago Vendor Impact Fund

Community Reinvestment Fund, USA Logo

As part of the City’s efforts to increase the capacity and competitiveness of our local, diverse vendor community, the City is pleased to announce the launch of the $25 million Vendor Impact Fund. The Vendor Impact Fund will provide priority access for City vendors certified as Minority-Owned Business Enterprises (MBE), Women-Owned Business Enterprises (WBE), Veteran-Owned Business Enterprises (VBE), and Business Enterprises Owned or Operated by People with Disabilities (BEPD) to loans from the federal Small Business Administration (SBA) Paycheck Protection Program (PPP) and 7(a) loan program. The City and its partners will seek to provide all Vendor Impact Fund loan applicants with the best offer available, and will work with applicants to determine which product is the best fit. All loan applications will be administered through Community Reinvestment Fund, USA (CRF) with the support of Goldman Sachs 10,000 Small Businesses.

The federal Paycheck Protection Program ends May 31, 2021. All applicants interested in a PPP loan are encouraged to apply as soon as possible. If you have an active PPP application with another lender, please do not apply for PPP through the Vendor Impact Fund. A business that obtains a PPP loan through the Vendor Impact Fund or another lender may still be eligible for a 7(a) loan through the Vendor Impact Fund. Interested firms may apply for both loans.

Applications for the Vendor Impact Fund are now open.

Eligibility Requirements

To be eligible for a loan through the Vendor Impact Fund, a small business must meet the requirements detailed below.

  • Have an active City contract (which may be as either a prime contractor or subcontractor)
  • Have been in business for at least 2 years as of the date of application
  • Preference will be given for businesses:
    • with City of Chicago or Cook County MBE or other certification (WBE, VBE, BEPD)
    • located within the City of Chicago
    • located within a Qualified Investment Area in the City
    • with the majority of their employees living in the City
    • with a higher share of their employees living in disadvantaged areas of the City

Applicants must be prepared to provide the following information in order to verify status as a certified firm with an active contract:

  • Contract/P.O. Number
  • Project Description
  • Name of Prime Contractor

If you do not have all of the above information, please provide as much information as possible. Should your submission be approved, a representative from CRF will reach out to you to collect the required documentation and help guide the applicant through the application review process.

Loan Programs

Paycheck Protection Program

PPP provides working capital loans to help businesses maintain operations and keep their workforce employed during the Coronavirus (COVID-19) crisis. PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. PPP loans have very low interest rates (1%) and are 100% forgivable if the borrower complies with all spending requirements.

  • Interest Rate – 1%
  • Term – 5 years
  • Forgiveness Terms – Eligible borrowers may qualify for full loan forgiveness if:
    1. Employee and compensation levels are maintained
    2. The loan proceeds are spent on payroll costs and other eligible expenses; and
    3. At least 60 percent of the proceeds are spent on payroll costs

Businesses that received a PPP loan in 2020 may also be eligible for a second PPP loan if they:

  • Previously received a First Draw PPP Loan and will or have used the full amount only for authorized uses
  • Have no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

CRF team members will work with the applicant to complete the PPP application and navigate the loan forgiveness process. 

Additional information on PPP can be found here. Please review the document checklist and FAQs prior to beginning your application.

The number of PPP loans through Vendor Impact Fund will be limited. Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.

SBA 7(a)

The 7(a) general small business loans program is the SBA’s most popular loan program. Its purpose is to help small businesses that are unable to secure conventional financing to operate or expand their businesses. An SBA 7(a) loan can provide funds for commercial real estate, community facilities, business acquisition, equipment, working capital, debt financing, or other needs specific to a small business.

There are multiple types of 7(a) loans that can fit the specific needs of a borrower. Terms of the loan will vary depending on the size and type of 7(a) loan. Applicants through the Vendor Impact Fund will have access to the Standard 7(a) loan, 7(a) Small loan, and SBA Express loan.

  • Maximum Loan Amount:
    1. Standard 7(a): $5 million
    2. 7(a) Small Loan: $350,000
    3. SBA Express: $350,000
  • Maximum Term:
    1. 25 years for real estate
    2. 10 years for equipment
    3. 10 years of working capital or inventory loan
  • Interest Rate: Negotiated up to SBA maximum, depending upon term and loan size
  • Use of Proceeds: Commercial real estate, community facilities, business acquisition, equipment, working capital, debt financing, or other needs specific to a small business.
  • Collateral Required: Yes

CRF team members will work with the applicant to evaluate their financing needs and to determine whether a 7(a) loan is right for their business. 

Additional information on 7(a) loans can be found here.

The number of 7(a) loans through Vendor Impact Fund will be limited. Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.

All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.

The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.

SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.

Community Reinvestment Fund, USA
801 Nicollet Mall, Suite 1700 West
Minneapolis, Minnesota 55402
Tel. 800.475.3050
General Fax: 612.338.3236
Loan Servicing Fax: 612.359.6185

Registered 501(c)(3). EIN: 41-1616861
NMLS ID: 310577
AZ Mortgage Banker License ID: BK-1000774
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and the California Finance Lenders Law

© 2021 Community Reinvestment Fund, USA. All rights reserved.

Community Reinvestment Fund, USA is an equal opportunity lender, provider, and employer.

About CRF

Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3 billion to stimulate job creation and economic development and support community facilities.

Learn more about CRF USA

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