Our Lending Process

About Our Loans

  • To get started, please complete our online loan inquiry form.
  • A loan officer will follow up with you to discuss your project and guide you through the application process.
  • CCLF offers loans ranging from $50,000 to $5,000,000.
  • Application fees are $350 for for-profit borrowersand $250 for nonprofit borrowers.
  • All borrowers are subject to loan fees ranging from 1% to 2.5%of the approved loan amount.
Submit a Loan Inquiry

Review Process & Timeline

The Chicago Community Loan Fund evaluates loan requests based on project feasibility, organizational management, financial strength, and alignment with social impact goals. During the review process, CCLF staff carefully considers the potential impact of each loan on both the community and the applicant organization, balancing the depth and reach of the anticipated benefits.

  • Social Impact

    One of our primary concerns is that each project extend significant social and economic benefits to low-income communities. The following are some of the factors we consider when reviewing each application.

    Low-Income Benefits

    How does the project benefit low-income people in terms of employment, housing or services provided, and how many people will benefit? Are there any negative consequences of the project’s implementation?

    Social Benefits

    How does the project benefit low-income individuals and families in terms of job preservation or creation, affordable housing or supportive services provided, and how many people will benefit? Is this reflective of the community in which the project is situated?

    Goals

    Does the organization have clearly stated goals? Are these goals related to an overall community development strategy? How does the project fit with this strategy?

    Community Participation

    Does the project and organization have support from members of the community, including the local alderman? Is the Board of Directors representative of the community served? How does the community participate in the organization?

    Cooperatives

    Does the organization have participatory management? Is it a model for other organizations? How active are coop members?

  • Organizational Strength

    We are interested in ensuring that the organization is able to undertake the project for which the loan is requested. We consider the following questions, among others, when reviewing each application.

    Resources

    What qualifications do key staff members have? Does the staff have adequate time and resources to complete the project? What resources does the Board of Directors bring to the project?

    Previous Experience

    Does the organization and current staff have previous experience with a project of this type and size? If so, to what extent were they successful? If not, what factors will enable them to undertake this project now?

    Credit History

    Does the organization have a record of reasonable creditworthiness as indicated by its credit history? A limited credit history does not necessarily indicate a lack of creditworthiness.

    Financial Management

    Has the organization shown responsible financial and organization management by budgeting realistically, being able to predict and meet cash flow needs, keeping timely and accurate financial records, and adjusting programs and staffing to meet new contingencies?

  • Financial Strength

    Our primary financial concern is that the loan will be repaid. We consider the following questions, among others, when evaluating each loan application.

    Repayment

    How viable is the plan for repayment? In the case of a fully amortized loan, are cash flow projections based on reasonable assumptions, which show an ability to repay the loan? In case of a balloon repayment, are there takeout commitments or well-considered plans?

    Collateral

    Does the project have strong collateral? Where would CCLF stand relative to other lenders? How liquid is the collateral? Some acceptable forms of collateral include: 1st and 2nd mortgages on real estate, bank-secured letters of credit and certificates of deposit.

Steps in the Loan Application Process

Submit a Loan Inquiry