Important Notice:

The first round of downstate small business stabilization grants has been awarded. A total of $1.3 million in grants have been deployed to 65 businesses spanning 28 downstate communities. See the full list of grant recipients here.

 

The Downstate Small Business Stabilization Program

With the outbreak of the COVID-19 virus and its detrimental impact on small businesses, the State is invoking its option to adjust Community Development Block Grant allocations to address specific needs to benefit Illinois’ non-entitlement communities in case of unforeseen circumstances. $20 million will be available for this program. The Downstate Small Business Stabilization component has been established to provide working capital funds to community’s businesses economically impacted by the COVID-19 virus.

The program component makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000 and is available for businesses that employ 50 people or less. Number of employees includes the business owner(s).  These funds may be used to assist private for-profit small retail and service businesses, or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely.

Communities can learn more about the Notice of Funding Opportunity (NOFO) and eligibility requirements here.