“Small rental housing providers are in many cases the backbone of a neighborhood and, like the tenants they serve, these entrepreneurs have been hard hit by the pandemic.”
Stacie Young, CIC President and CEO
Wells Fargo recently announced that it has awarded grants to five Chicago nonprofit organizations and Community Development Financial Institutions (CDFIs) – including CIC – to help the Chicago small business community pivot from surviving to thriving.
Small business owners operating in low- to moderate-income communities of color have experienced disproportionate negative impact. In a statement released by Wells Fargo, commercial banking market leader Patrice DeCorrevont said that “Chicago is resilient, but the profound effects of the lingering pandemic mean public and private sectors need to come together to invest in an inclusive recovery. Through the Open for Business grants, we’re enlisting the expertise of nonprofits and CDFIs so we can offer a mix of resources and support systems that can help small business owners emerge from the pandemic stronger and more resilient.”
Through these funds, CIC has launched the Open for Business Housing Assistance Grant Program. CIC’s program will provide direct assistance to small-scale, affordable rental housing providers to cover up to $30,000 per property in increased maintenance and other building expenses resulting from the coronavirus pandemic, with an emphasis on costs not currently eligible under state and local emergency rental assistance programs. CIC’s borrower support program focuses on small businesses owned by people of color that are local to CIC’s service area and that operate units affordable at 50%-80% area median income.
Program criteria include:
- Applicants must be local to the Chicagoland area
- Rent affordability requirements apply
- Eligible properties must have four (4) or more residential units
- Applicant’s total investment real estate portfolio must be at or under 50 residential units
- Business owners of color and women-owned business especially encouraged to apply
- See program application for additional criteria
“Small rental housing providers are in many cases the backbone of a neighborhood and, like the tenants they serve, these entrepreneurs have been hard hit by the pandemic,” said Stacie Young, CIC president and CEO. “We are grateful for Wells Fargo’s flexible capital that allows CIC to help struggling owners and further stabilize communities during this crisis.”
Building owners interested in applying for grant funds can learn more and complete an application here.
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