Applicant Frequently Asked Questions
What forms can financing take?
Investments can be in the form of loans, bank deposits, loan participations, or contingent contractual obligations, such as pay-for-success contracts. Because these loans and investments are intended to support long-term organizational growth, innovation, and impact, they generally cannot be used as a line of credit, for construction financing, or as a source of commercial mortgage financing.
How much could my organization request?
The minimum amount is $500,000. The amount will depend largely on the organization’s ability to generate sufficient income to repay the investment. Loans in smaller amounts may be available from Community Development Financial Institutions (CDFIs) and other intermediaries, including those that have received capital through Benefit Chicago.
What is the application process?
- Submit an application online
Visit our Borrow page to submit an application online.
Click “Apply Now,” create an account, and answer questions about your organization and the purpose for which you are seeking capital through our online application portal. Upload basic information, like your annual report, audits, and business plan. You will receive a confirmation email once you submit your application. - Eligibility review
If necessary, we will be in touch to ask you for additional information to learn more about your request and review that it meets our themes. We may also discuss your application status and next steps. - Due diligence
If your application is selected to move forward int he loan process, the underwriting and approval process can take from three to six months, depending on the nature of the application. Throughout this time, our underwriting team will conduct a thorough review of the organizations’ financials along with potential site visits. - Board review and decision
If your request is approved, you will receive a letter of commitment and work with our underwriting and legal teams to complete the transaction. If your request is denied, we may direct you to sources of capital that more closely address your needs, if possible.
Please note, your request may be denied throughout any of the above-mentioned steps, at which time you may be referred to other capital providers, if warranted.