(The Center Square) – Small businesses in Illinois have access to new state funding from a capital grant program.
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.
