Chicago Neighborhood Initiatives Micro Finance Group (CNIMFG) has been helping to grow small businesses and support the dreams of entrepreneurs by providing small business loan products to borrowers within the greater Chicagoland area where traditional sources of financing are either unaffordable or unavailable.
Since its inception in 2013, CNIMFG has made over 100 microloans totaling over $2 million to growing start-ups and established businesses across many industries, including: food and beverage; construction; real estate development; childcare providers; professional services; IT; and transportation. The loans ranging from $500 to $25,000 for startup businesses and $500 to $50,000 for existing ones are providing access to capital in underserved neighborhoods that support and assist borrowers with the purchase of new inventory and equipment, expanding offices, storefronts, manufacturing sites, storage spaces, and more.
CNIMFG has leveraged its relationship and the considerable expertise of CNI in Tax Increment Financing and New Markets Tax Credits (NMTC) to also help aid local communities. Since 2010, CNI has deployed NMTCs for help developing such projects as the: Lawndale Christian Health Center; Roseland Community Hospital; Salvation Army Kroc Center; Noble Street Charter School; and the WINGS Domestic Violence Center. As a result, 1,200 construction jobs and more than 500 permanent jobs have been created and retained, while much-needed services and amenities have been delivered that are revitalizing underserved communities and improving peoples’ lives.
CNIMFG’s borrowers are generating good new jobs, raising family incomes, and building strong, sustainable communities where more people are choosing to go to live, to work and do business.