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Tuesday, November 5, 2024

Small businesses eligible for relief grants

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Gov. J.B. Pritzker | Facebook

Gov. J.B. Pritzker | Facebook

Small businesses impacted by last year’s civil unrest are eligible for $8.4 million in additional grants from the Illinois Department of Commerce and Economic Opportunity (DCEO).

This marks the final round of the Rebuild Distressed Communities program with $976,000 going to 26 small businesses and $7.45 million to help revitalize seven commercial corridors located across the state, according to a release from the DCEO, 

“A strong pandemic economic recovery includes recognizing that some communities have long been denied their fair share of resources,” Gov. J.B. Pritzker said in the release. “Through the Rebuild Distressed Communities program, we are delivering $8.4 million in direct grants to over two dozen small businesses and multiple regional economic corridors to build on the impact of our $250 million Back to Business program with an equitable lens.”

The RDC program was created last year by the state to reimburse business owners in specific areas for the cost of repairs for structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work after damage sustained in civil unrest after May 2020. Small businesses and those that aren't insured, or don't have enough insurance to cover the damages may be prioritized. Those that have a big impact on the community are also prioritized.

"The Rebuild Distressed Communities program is another way for our state to recover, heal, and grow together," Lt. Gov. Juliana Stratton stated in the DCEO release. "Our administration is committed to economic development that uplifts all of us, and putting our state's small businesses and vulnerable communities at the forefront through this funding is how we expand equity and opportunity across Illinois."

Overall, the RDC program will deploy a total of $9.2 million, including 58 small business grants announced earlier this year. 

“Under Governor Pritzker’s leadership, DCEO is committed to leveraging our federal and state resources to help small businesses and communities hardest hit build back better in the wake of the pandemic,” DCEO Acting Director Sylvia I. Garcia said. “The investments made in this latest round of funding are twofold, helping small businesses repair immediate damages, while also making capital improvements in communities that will bring back foot traffic to commercial corridors and boost economic vitality.”

Applicants to receive funding were selected by the State of Illinois, grant administrators LISC Chicago, and the Chicago Neighborhood Initiatives. Working with these local partners, DCEO developed a process to connect small businesses with qualified contractors. The program prioritized local and Business Enterprise Program (BEP) contractors to ensure that job opportunity created by performing repairs and improvements went to those based in communities impacted by unrest. 

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