A new MacArthur-supported loan program will help empower businesses in the construction trades industry in Chicago’s South and West Sides. Contractors and suppliers, who have often faced challenges accessing the capital needed to grow their businesses, will receive working capital loan funding, mentorship, procurement assistance, and industry connections to help them overcome financial barriers, sustain operations, secure larger contracts, and achieve sustainable growth. The loan program aims to strengthen economic development and create high quality jobs for Chicagoans.
Allies for Community Business (A4CB) and Benefit Chicago—a collaboration among the MacArthur Foundation, The Chicago Community Trust, and Calvert Impact Capital—will provide the funding for this program, A4CB will manage the loans to business, and HIRE360 will provide technical assistance to the participating contractors and supplies, including connecting them with valuable contract opportunities. With $1.5M in collateral from Benefit Chicago, A4CB will provide working capital loans between $100,000 and $250,000, totaling up to $4.5M in loans at any one time.
