Cook County Community Financial Institution Capacity Building Grant

The Cook County Bureau of Economic Development is launching a historic $1.4 million grant program to support community financial institutions (CFIs) and increase available financing for small businesses. Selected CFIs may use funds to enhance their loan portfolio and/or operational capacity (staff, technology, marketing). 

Cook County anticipates awarding grants to up to four CFIs.

Why this program 

The most frequently sought-after service at the Cook County Small Business Source, another program led by the Cook County Bureau of Economic Development, is access to capital. As a result, the bureau and one of its partners, Next Street, completed a landscape assessment to identify ways the County could leverage funds to directly address the capital needs of small businesses.

The assessment highlighted that local CFIs had limited capital available dedicated to supporting small businesses.

The Cook County Community Financial Institution Capacity Building Grant program will increase the capacity of selected CFIs to deploy resources supporting small businesses and strengthen the County's small business ecosystem as a whole.

Eligibility

Eligible organizations include: 

• Certified Development Corporations (CDCs)  
• Community Development Financial Institutions (CDFIs)  
• Minority Depository Institutions (MDIs)  
• Small Business Administration (SBA) microlenders 
• Other nonprofit lending organizations 

Applicants must: 

• Be a nonprofit entity
• Have at least two years of lending experience
• Seek to begin or expand small business lending within Cook County
• Be in good standing with all relevant regulatory bodies 

How to apply 

Applications are open from June 16, 2025, through July 25, 2025, at 5 p.m. CT. Applicants will be notified in the fall of 2025.

To apply, you must: 

• Submit this online application AND 
• Email the required documents to cfigrant.oed@cookcountyil.gov.

To view the required documents, review this Cook County Community Financial Institution Capacity Building Grant application checklist.

NOTE: Before submitting your application, consider utilizing these resources:

• A printable overview of the program
• Frequently asked questions about the program (last updated on June 12, 2025)
• A PDF version of the application (which is NOT required to be emailed as part of your submission)
• A webinar for interested applicants, set for Wednesday, June 25, 2025. Register for webinar

Questions?

For more information, email cfigrant.oed@cookcountyil.gov.