The Illinois State Treasurer’s Office is offering qualified financial institutions access to state impact investment capital through the Business Invest – Community Uplift Program (CUP). This program aims to provide community banks, credit unions, and savings and loan institutions with resources to expand tiny-business lending, support economic development, and spur local growth in designated areas, including Illinois Enterprise Zones, Opportunity Zones, and Low-Income Communities.
How the Program Works
Business Invest – CUP provides low-cost deposits to financial institutions. These deposits can then be used to offer low-cost business loans with maturities of 1, 2, and 3 years. Financial institutions located in a town or city may have additional eligibility flexibility.
Application Process and Timeline
To participate, financial institutions must be—or apply to become—an approved program depository with the Treasurer’s Office. Applications for funding must be received by 12:00 p.m. (noon) on either the first or third Thursday of the month to be considered for that month’s funding. Applications received after the deadline will be reviewed for a future month, as determined by the Treasurer’s Office. The Treasurer’s Office reserves the right to change this schedule without notice.
The application process involves two steps: becoming an approved program depository and then reviewing eligibility and submitting the required application documents. Interested parties can find more information and resources online, including a list of currently approved depositories.
Additional Information
Applicable impact investment deposit rates for Business Invest – CUP can be found on the Community Development Linked Deposit page. Questions about the Treasurer’s Office investment programs—including Illinois Ag Invest and Illinois Community Invest—can be directed to [email protected] or by calling 217-558-6217.
Frequently Asked Questions
What areas are eligible for Business Invest – CUP?
The program focuses on Illinois Enterprise Zones, Opportunity Zones, and Low-Income Communities.
How often are applications reviewed?
Applications received by noon on the first or third Thursday of the month will be reviewed for that month’s funding. Applications received after the deadline will be reviewed for a future month.
Where can I find the Business Invest – CUP application?
The Business Invest – CUP Application can be found online as a PDF document.
Will this program lead to increased economic activity in Illinois communities?
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