Commercial Property Assistance

So a residential space won’t work for your needs, but you feel like you can’t afford a commercial property? Again, don’t fret: A commercial property might not be completely out of your reach. Check with the community development organizations and chambers of commerce in the communities in which you want to purchase. (Review the Community Profiles in Chapter 15: Chicago's Neighborhoods to find a listing of these organizations.)

Many lenders customize loan packages for commercial mortgages, and don't always advertise specific programs. Investigate as many banks and other lending institutions as possible. Also, check with smaller community banks and lending institutions located in the neighborhoods that interest you; they might have less stringent requirements than larger lending institutions, or programs targeted specifically to their immediate surroundings. Resources for developing commercial spaces are often relegated for small businesses and nonprofit organizations looking for space.

If you are planning on rehabbing or developing a space, visit Chapter 22: Rehabbing Your Space and Chapter 27: Developing a Facility. Each program has different requirements for participation.

The resource section of this chapter provides contact information for many lenders (community banks, venture capitalists), nonprofits, and government-sponsored loans and programs (local, state and federal).