Established in 1977 as the Community Bank of Lawndale, Covenant Bank is located on the westside of Chicago. 
Covenant Bank is a full service financial institution committed to serving the community. Established in 1977 as the Community Bank of Lawndale, Covenant Bank is located on the west side of Chicago. Covenant Bank has a long history in the North Lawndale community serving as the principal provider of credit services in a historically under-banked area. Our commitment to serving the community has been recognized by the United States Treasury Department by certifying our bank as a Community Development Financial Institution. Some of our specialized services include providing ETA accounts and lending to churches and other not for profit corporations. Covenant Bank provides quality financial services to its primary and secondary markets, while stimulating growth for our customers, employees, shareholders and community.
Covenant Bank was certified as a Community Development Financial Institution (CDFI) in January 2000. With this designation comes the continued responsibility to service individuals and small businesses with products and services, which meet their credit, and depository needs. As well, the Bank has and intends to continue to be involved in community development projects in its seven community areas, which are: North Lawndale, South Lawndale, Austin, West Garfield Park, East Garfield Park, Near West Side and Lower Westside. Our secondary market is the City of Chicago. The United States Treasury expanded the service area of other underserved areas in 2000. However, it is management's intention to maintain community lending throughout Chicago.
The Bank is located in an area that has been designated as an Empowerment Zone by the Federal Government. This federal program seeks to empower people and communities that meet certain poverty and distress criteria. Designated areas can receive substantial federal benefits.
 
Loans
Loans may be used to finance business operations on a short term or long term basis. The loan funds may be used to finance manufacturing cost of goods, the purchase of goods and services or for specific projects.

Commercial Real Estate
Commercial Real Estate financing is available for our borrowers desiring to purchase or refinance existing properties. Longer terms may be available. Our commercial portfolio includes loans to real estate investors, community developers, purchasers of income producing properties and to small business owners who want to own real estate for their business operations. Construction financing is also available.

Equipment and Inventory Financing
Equipment and Inventory Financing is available on a term loan basis, i.e., Payments of principal and interest are fixed for a pre-determined period of time.

Revolving Lines of Credit
Revolving Lines of Credit are offered to businesses that need capital for periodic negative cash flow purposes, fund inventory, accounts receivable, labor and/or material costs.

Not-For-Profit
Loans to faith based organizations assist churches and other not-for-profits with the capacity to acquire/rehabilitate real property and have access to capital to continue vital programs and services.

For Small Business lending, call Billy Williams at (773) 533-6900 #239.