City of Chicago Launches 25 Million Vendor Impact Fund to Support Diverse Businesses

The City of Chicago has officially launched a $25 million Vendor Impact Fund designed to enhance the competitiveness and capacity of its diverse vendor community. This fund offers priority access to federal loans for certified Minority-Owned, Women-Owned, Veteran-Owned, and Disabled-Owned businesses, thereby targeting a significant demographic within the local economy. To be eligible, applicants must hold an active City contract and have been in business for a minimum of two years, with additional preference given to those with relevant certifications. Importantly, businesses located within the City of Chicago and those employing residents from disadvantaged areas will be prioritized. Applicants will need to submit specific documentation to verify their certification status, ensuring a streamlined application process.

The application process will be managed by the Community Reinvestment Fund, USA, in collaboration with Goldman Sachs' 10,000 Small Businesses initiative. This strategic partnership aims to provide the best possible loan offerings to eligible applicants, fostering economic growth in the local community. By supporting these businesses, the City aims to create a more inclusive and competitive economic landscape.