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State Small Business Credit Initiative (SSBCI) — Climate Bank Finance Loan Participation
Illinois Climate Bank / IFA — Climate Bank Finance (CBF). Funded by American Rescue Plan Act 2021 via U.S. Treasury.See programDeadline: Rolling — open program. Applications submitted through participating lenders.
Loan participation and credit enhancement program through Climate Bank Finance (CBF), the climate-focused subsidiary of the Illinois Climate Bank. SSBCI 2.0 (launched 2023) lowers borrower interest rates to 1% (SEDI/Very Small) or 2% per annum and reduces lender risk by participating alongside private lenders. Designed to channel private capital into clean energy + sustainability projects while supporting socially and economically disadvantaged businesses and small businesses across Illinois. Borrowers apply through their existing banking relationship — if their lender is not yet a CBF participating lender, IFA will help onboard the lender. Funded by the American Rescue Plan Act of 2021 and administered by U.S. Treasury via Illinois Finance Authority designation under CEJA.
Program details
- Agency
- Illinois Climate Bank / IFA — Climate Bank Finance (CBF). Funded by American Rescue Plan Act 2021 via U.S. Treasury.
- Level
- State
- Category
- Loan Participation / Credit Enhancement
- Eligibility
- Small businesses with 750 or fewer employees operating in Illinois, in good standing with IL Secretary of State, current on taxes, and free of bankruptcies/judgments/liens in past 5 years. Eligible projects: clean air/water, wastewater treatment, wind/hydro/solar equipment, electric vehicles + EV charging stations, clean energy generation, alternative fuels, battery technologies, energy conservation, biomaterials and sustainable agriculture, broadband expansion in underserved communities, and other environmental-benefit / climate-impact projects.
- Funding Amount
- $354.6M total IL allocation. Loan participation: 1% interest for SEDI (Socially & Economically Disadvantaged Individuals) and Very Small Businesses, 2% for others. Maximum 7-year term. Minimum participation $25,000, maximum $2,000,000.
- Deadline
- Rolling — open program. Applications submitted through participating lenders.
- Status
- open
- Geographic Scope
- Illinois only
- Project Types
- solar, storage, ev_charging, fleet_electrification, lighting_led, hvac, commercial_efficiency, wastewater, broadband
- Client Types
- commercial, small_business, sedi, industrial
- Notes
- PRACTICAL FIT: 1–2% capital is dramatically below market — surfaces for any small-biz client (≤750 FTE) financing solar, EV charging, energy efficiency, or fleet electrification. SEDI rate (1%) further sweetens for minority-, women-, or veteran-owned businesses. Always check if client lender is already a CBF participant; if not, route to IFA to onboard lender. Pairs with all federal credits (30C, 179D, 48E) and IL Climate Bank EE RLF for layered low-cost capital stack.
Source: Grantya research. Confirm current terms with the administering agency before applying.