With the right resources and diligent planning, your small business can be the next big success story in Illinois. To help you with your venture, the state offers numerous grant opportunities and contests for businesses.
The funds can help pay for property improvements in Illinois Small Business Grants.
Feed the Seed Business Startup Grants
If you have a business idea that could benefit the community, there are several financing opportunities to help you start your company.
These include federal grants, state grants, and local grants. Grants are available to a wide range of businesses, including nonprofits and private companies.
The Feed the Seed Business Startup Grants are designed to support new businesses and entrepreneurs in Kane, DuPage, Kendall, and Will counties.
This means you’ll likely have to pay a significant chunk of the grant money back to the IRS.
South Side Business Grants
Securing a small business grant can be a big undertaking. It requires a lot of upfront investment and energy, and you’ll likely have to apply for multiple grants to get the hang of the process.
One such program is The Neighborhood Opportunity Fund, which supports Chicago’s underserved neighborhoods by providing grant funding for commercial corridor improvements.
Businesses located within the West, South, and Southwest commercial corridors are eligible to apply. However, religious organizations and lobbying groups are ineligible for the grant.
The University of Chicago also offers a series of small business grants for the city’s south side. The institution’s South Side COVID-19 Community Support Initiative provides financial assistance to independently-owned small businesses impacted by the pandemic.
This includes businesses in the neighborhoods of Douglas, Grand Boulevard, Greater Grand Crossing, Hyde Park, Kenwood, Oak Park, South Shore, Washington Park, and Woodlawn.
City of Chicago Small Business Grants
The City of Chicago offers several small business grants to help small businesses in the city thrive.
Some of these grants include the Neighborhood Opportunity Fund, which gives money to businesses in west, south, and southwest Chicago neighborhoods.
The Neighborhood Opportunity Fund helps small businesses with capital costs for select construction or rehabilitation projects.
Other small business grants in Illinois include the Business Invest-Covid-19 Relief Program, which provides funds for businesses affected by the COVID-19 pandemic.
The grant covers 30 percent to 90 percent of the remodeling or building cost. The program is facilitated by the Department of Planning and Development.
New grant opportunities are announced each month, focusing on different neighborhoods and districts.
Back to Business Grants
To support these businesses, Governor Pritzker launched the Back to Business (B2B) grant program.
This grant program offers $175 million in funding for eligible restaurants, hotels, and creative arts businesses. The award amount will be based on the total loss of revenue experienced by the business in 2020 read more…