The Opportunity Illinois: Micro Loan Program is designed to provide the capital that credit unions and community banks need to help low-income residents who might otherwise be forced to turn to payday lenders.

Thanks to their low interest rates, micro loans may be a cost-effective way for low-income residents to pay for necessary expenses and emergencies without racking up unmanageable debt.

Amounts and Terms:

• The Treasurer’s Office will offer discounted deposits of up to $250,000 to eligible financial institutions in Illinois.
• The financial institutions must designate the money for micro loans up to $5,000 each and document the use of each loan.
• The funds cannot be used as a line of credit.

Interest Rates:

• State deposits will be made at an interest rate of 1.5 percent below the market rate for a 12-month period. Please click here to view the daily market rates. State deposits may be renewed according to program guidelines.
• The mark up on the deposit rate may be no more than 3 percent and no additional fees may be charged in connection with the loan.
• All funds must be transferred to the borrowers 45 days prior to the maturity date of the Treasurer’s deposit otherwise the Treasurer’s Office may require the financial institution to pay a market rate of interest.

Lender Eligibility:

• Financial institution must be designated as a low-income credit union by the National Credit Union Administration (NCUA) or located in a HUBZone designated by the Small Business Administration (SBA). To confirm your credit union's designation, visit the NCUA website. To confirm your financial institution is in a HUBZone visit the SBA website.
• Financial institution must be approved as a state depository and have a CRA rating of satisfactory or better.

Borrower Eligibility:

• Must be at least 18 years of age.
• Must not have approval authority over lending transactions at the participating financial institution.
• Must receive loan approval from the participating lender.

If you have any questions, please contact our office at (312) 814-1244 or send an e-mail to opportunityillinois@treasurer.state.il.us.