New and existing small businesses can apply for $5 million in loans through an Illinois program aimed at creating and retaining jobs in urban areas. Illinois economic director Warren Ribley announced the Community Development Fund program Wednesday in Chicago. The fund is a revolving loan program financed through federal and state programs.

Newly formed business can apply for loans up to $50,000. Established businesses can apply for up to $75,000.

The program begins immediately and runs until funds are exhausted. Interested small businesses should apply directly to one of the lenders.

The lenders are ACCION, Chicago Community Ventures and Women Business