Funding & Financing for Small Businesses
Explore energy efficiency funding and financing solutions that fit your small business needs. Whether you're planning efficiency upgrades, electrification projects, or sustainable expansions, the Building Energy Hub connects you with a curated suite of financial tools designed to make improvements both feasible and cost-effective. Explore tailored offerings and detailed eligibility requirements and application processes by clicking “Learn More”. The Hub also has several recorded webinars with speakers from organizations offering funding tools so you can get clarity on all aspects of the funding process. If you're unsure which path fits your business best, our Help Desk is ready to guide you step-by-step.
Illinois Climate Bank’s SSBCI Program
This program is designed to empower small businesses by improving access to capital, particularly in markets that have historically been underserved or subjected to discrimination. It places a strong emphasis on providing targeted support to Socially and Economically Disadvantaged Communities and Individuals (SEDI) and Very Small Businesses (VSB).
SomerCor SBA 504 Green Loan
The SBA 504 Green Loan program is designed to assist small businesses for the acquisition of commercial real estate and heavy machinery/equipment. The program can also be used to refinance certain qualifying fixed-asset debt. Eligible borrowers can receive loans up to $5.5 million per project. To qualify, businesses must either reduce energy consumption by 10%, generate 15% renewable energy, or use sustainable design.
SomerCor Small Business Improvement Fund
The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses and property owners with reimbursement grants for permanent building improvement costs. Residential projects are not eligible. The SBIF grant is funded by local Tax Increment Financing (TIF) revenue and is made available to business and property owners located in the SBIF-eligible TIF districts citywide.
SBIF applications must be submitted during monthly rollout periods for individual TIF districts. To see upcoming dates, click learn more below.
ComEd Energy Efficiency Program: Small Business and Facilities
ComEd customers that operate smaller businesses and facilities (peak demand under 400 kW) are eligible for incentives on energy-saving projects in their buildings. Building owners can submit an interest form and get matched with a ComEd-approved Service Provider that will complete an energy assessment, compile a list of recommendations, and coordinate project delivery. The Service Provider can also apply ComEd incentives to bring project costs down. The program applies to existing buildings looking to pursue energy efficiency upgrades.
ComEd Facility Assessments
ComEd can help find energy-saving opportunities, whether it's lights, HVAC system, chillers, or motors. An approved energy engineer will either conduct an in-person or virtual Facility Assessment to identify energy-efficiency opportunities. Within three to four weeks, you will receive a report detailing energy efficiency projects that you can start working on immediately. Each recommendation will include estimated energy savings, cost savings, project cost, potential incentives, and simple payback.
Illinois Energy Efficiency Small Business & Multifamily Loan Program
ComEd and Nicor Gas customers are eligible to receive loans up to $150,000 for energy efficiency projects in their buildings. The loan is repaid through an additional charge on the customer’s utility bill. Loans can be paid over 1-10 years with a fixed interest rate. There is no penalty for early payment.
Nicor Gas Energy Efficiency Program
Nicor offers multiple resources for customers looking to complete energy efficiency projects. Businesses can receive free assessments and products, rebates for select energy efficiency projects, and custom incentives for projects that do not fall under the standard list of rebates. Nicor’s Emerging Technology program also seeks to bring new energy efficient technology into the market.
