CHICAGO (WLS) — State and local officials gathered Thursday morning on Chicago's West Side to announce a grant program to support resident-owned businesses and historically underrepresented small businesses.
Gov. JB Pritzker, Chicago Mayor Brandon Johnson, former Chicago Mayor Rahm Emanuel and others were among those who spoke at the event.
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The Illinois Department of Commerce and Economic Opportunity was also on hand to announce $10 million in funding for the Office of Economic Equity and Empowerment's Capital and Infrastructure Grant Program to help small businesses achieve sustainable growth, improve efficiency, and create and retain jobs through capital improvements. , according to a press release issued by the governor’s office.
The grant program is designed around equity to boost businesses owned by historically underrepresented groups and very small businesses with fewer than 10 employees, the statement said.
“Creating economic opportunities for diverse and small businesses demonstrates our commitment to investing in all of our people and growing the economy,” Pritzker said. “In communities across Illinois, small businesses sustain good jobs, anchor city centers and business districts, provide critical goods and services, play an essential role in supply chains, and anchor the overall strength and diversity of our economy.”
Grants can be used for eligible projects including planning; Tenure of land and buildings; Buildings. add-ons; Site improvements; vernacular; The equipment is durable, officials said.
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“Supporting small businesses not only supports the local economy, but contributes to the health and success of our shared communities,” said Lt. Governor Juliana Stratton. “DCEO’s OE3 Small Business Capital and Infrastructure Grant Program will support their development and build a stronger, more inclusive economy.”
The program was announced at The Will Group, which received DCEO grant money from a previous iteration of the program to expand its manufacturing presence on Chicago's West Side.
Eligible organizations include businesses owned by socioeconomically disadvantaged individuals, with a maximum of 25 full-time permanent employees and very small businesses, with fewer than 10 employees, officials said.
SEDI includes businesses owned by historically underrepresented groups, including people of color, women, people with disabilities, veterans, members of the LGBTQ community, and more.
Officials said that priority will be given to companies located in the investment areas of community development financial institutions, especially those with project proposals focused on job creation, economic revitalization, or increasing community participation in these areas.
Grant recipients will be selected through a competitive notification process of funding opportunity. Eligible organizations can apply for grants ranging in value from $10,000 to $245,000.
Applications will be accepted until 5pm on April 7th.
To view and apply for the scholarship, visit the DCEO website.
Interested parties are encouraged to contact CEO.GrantHelp@illinois.gov for assistance applying.
To help applicants prepare to apply for funding, DCEO will hold a technical assistance webinar at 11 a.m. on February 4.
Answers to frequently asked questions are available in English and Spanish on the DCEO website.
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