Gov. J.B. Pritzker announced $10 million in grant funding that
he said will help small businesses grow, improve efficiency and
create and retain jobs.
“In communities across Illinois, they’re anchoring downtowns and
commercial districts, providing vital goods and services playing
an integral role in supply chains bolstering the strength and
diversity of our economy,” Pritzker said Thursday in Chicago.
Officials say priority will be given to businesses that are
located in Community Development Financial Institution
Investment areas in the state, with a poverty rate of at least
20% and an unemployment rate 1.5 times the national average. The
area must also have seen a population loss of at least 10% in
metro areas and 5% in non-metro areas.
Capital resources can be used for eligible projects including
planning, land and building acquisition, buildings, additions or
structures, site improvements, rolling stock and durable
equipment.
“Through Office of Economic Equity and Empowerment, the State of
Illinois continues to prioritize providing equitable access to
resources and opportunities to communities and businesses in
every corner of the state,” said Department of Commerce and
Economic Opportunity Director Kristen Richards. “The OE3 Small
Business Capital and Infrastructure Grant Program will support
small businesses that need it most and bolster economic
development throughout Illinois.”
Grantees will be selected through a competitive Notice of
Funding Opportunity process. Applications will be accepted until
April 7, 2025, at 5:00 p.m. |
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