Challenges are inevitable, but navigating them alone doesn't have to be. At The Source, we are delivering the latest insights, advocacy and resources you need to scale directly to your inbox. From transparent lending and tax strategies to exclusive cohorts for construction, food and retail, we’re here to help fuel your momentum. |
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Findings from the 2025 Federal Reserve Small Business Credit Survey |
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The Federal Reserve System’s 2025 Small Business Credit Survey (SBCS), an annual survey examining how small businesses are performing and borrowing, collected more than 6,500 responses from small employer firms across all 50 states, covering everything from business performance, lending experiences and debt use to the adoption of technology such as AI. The Source was a proud partner in expanding outreach to local small businesses, with these findings offering a picture of how firms are navigating financing today. |
Of the businesses surveyed, 60% applied for financing in the 12 months leading up to the survey. The most common reasons for seeking credit included meeting operating expenses (56%), pursuing expansion or new opportunities (46%) or keeping credit on hand for future needs (42%).
The survey also found that small businesses are borrowing from online lenders at record rates, up from 17% in 2020 to 29% in 2025, particularly among medium-to-high credit risk applicants (49%). While bank and credit union applicants reported higher satisfaction in their financing experience, those who sought capital through online lenders were more likely to report challenges. High interest rates and unfavorable repayment terms were the most frequently cited issues with online lenders.
Visit fedsmallbusiness.org to explore the full report, or click here to register to attend a virtual presentation and discussion with the report’s authors on Thursday, April 9, 2026, at 2 PM CT. |
APR for All: Small Businesses Applying for Loans Deserve and Need Transparent Pricing |
For many small business owners, navigating the lending landscape can be a complex process with varied outcomes. For an entrepreneur managing multiple roles and a demanding schedule, the curveballs associated with making financial decisions can also have lasting consequences on their bottom line.
Where you borrow matters, and this is why lending transparency isn't just an access to capital issue; it's a small business survival issue. |
When you finance a car, the total yearly cost of borrowing money, generally known as the annual percentage rate (APR) is right there: clear and easy to compare. But for many Illinois small businesses seeking financing, that same clarity is lacking. It's how non-bank lenders keep entrepreneurs from making informed decisions. Small business owners deserve the same transparency.
The Cook County Bureau of Economic Development is a proud partner of the Coalition for Small Business Lending Transparency (CSBLT), a group of small business owners, lenders, nonprofits and advocates working to close this loophole. The goal is simple: pass the Small Business Financing Transparency Act (HB744 HA #1) in Illinois to require non-bank lenders to disclose APRs to small business borrowers.
Want to get involved? Visit aprforall.com to learn more and join the coalition. |
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Small Business Advocacy Take United for Chicago’s Survey on ICE's Impact on Local Businesses |
Add your voice to the growing list of Chicagoland leaders who represent diverse perspectives and take a stand against the harmful tactics of ICE in our community.
United for Chicago invites business owners across Cook County to participate in a brief, anonymous survey regarding ICE activity in their communities. Developed in partnership with the Chicagoland Chamber of Commerce, the Illinois Hispanic Chamber of Commerce, the Illinois Restaurant Association, and World Business Chicago, this survey aims to capture real, on-the-ground experiences amid increased activity in commercial corridors. Please consider sharing this with your fellow business owners to help ensure all voices are heard. Click here to take the survey in English. Haz clic aquí para realizar la encuesta en español. |
Chicago Bites Back: Eat Well for a Good Cause |
Ready to bite back? Support your neighbors by choosing local through the Chicago Bites Back restaurant guide. Created by two Source Business Support Organizations—the Illinois Restaurant Association and the Illinois Hispanic Chamber of Commerce—this guide highlights local eateries significantly impacted by the presence of ICE in our neighborhoods.
By intentionally shifting our business toward these independent kitchens, we can help our communities stay resilient. Click here to explore the restaurants listed on the guide, submit your own favorite spot, and amplify the movement by sharing Chicago Bites Back with your entire network. |
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March Webinar Wednesday New Tax Laws, Real Impact: A Business Owner’s Guide to 2026 Changes |
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Tax laws are changing—and smart business owners are adjusting their strategy accordingly.
Join The Source, the Southland Development Authority and Ringold Financial Management for March’s Webinar Wednesday, unpacking the latest federal tax changes, including provisions from the “Big Beautiful Bill,” and how they may influence deductions, credits, reporting requirements and long-term planning.
Learn how to:
- Identify which changes directly affect your business
- Adjust your financial strategy proactively
- Avoid costly compliance mistakes
- Position your business for stronger financial performance
Don’t wait until tax season to react; plan now. |
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| Wednesday March 25, 2026 10:00 AM - 11:00 AM |
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Small Business Opportunities Women’s Business Development Center’s 2026 Top Shelf Retail: High Volume Growth Insights Cohort Program |
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Women’s Business Development Center’s Top Shelf Retail: High Volume Retail Growth Insights program. This eight-week virtual cohort is designed for consumer product businesses with at least two years of operation and $50,000 in revenue. You’ll master pricing, branding, and category management while building a network of fellow consumer packaged goods entrepreneurs and preparing to pitch your products directly to corporate representatives at an exclusive vendor showcase.
Don't miss this chance to gain the technical expertise and buyer insights needed to scale into the mass retail market.
Click here to learn more and submit your application before the April 10, 2026, deadline. |
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HIRE360 Construction Industry Business Development Program |
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HIRE360 meets community construction contractors, professional service firms, and suppliers where they are and supports them in reaching their goals, prioritizing connecting businesses growing in low-income communities with the markets and networks necessary to launch, scale and sustain a successful presence in the construction industry.
Through the Construction Industry Business Development Program, HIRE360 creates technical assistance action plans customized to each firm's specific needs, based on an initial assessment of a company's financial, technical and relational strengths and weaknesses, with businesses gaining access to essential skills training, capital, and mentorship. Click here to learn more and get started today. |
FoodLab Chicago 7.0 Cohort; Now Accepting Applications |
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FoodLab Chicago, a program by the Greater Chatham Initiative, is currently seeking applicants for its upcoming 7.0 Cohort. This 10-week educational accelerator is specifically designed for chefs, restaurateurs and caterers who are ready to scale their businesses. Participants will engage in a strategic blend of classroom training and one-on-one coaching focused on food service accounting, plate costing, brand development and business planning.
The program is provided at no cost to selected participants and is scheduled to begin in person in Chicago on April 20, 2026. Please note that this cohort is specifically curated for food-service businesses that have been operational and generating revenue for at least one year. Click here to learn more and complete the application. |
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