Small business capital and infrastructure grant program announced by Governor

Program to support small businesses with less than 10 employees and those owned by historically underrepresented populations

By MELISSA CROCKETT MESKE
IBJ Managing Editor
[email protected]

Illinois Governor JB Pritzker recently joined the Illinois Department of Commerce and Economic Opportunity (DCEO), state and local leaders at the Will Group to announce $10 million in funding for the Office of Economic Equity and Empowerment (OE3) Small Business Capital and Infrastructure Grant Program.

This program is intended to help small businesses achieve sustainable growth, improve efficiency, and create and retain jobs through capital improvements. It is designed around equity to uplift businesses owned by historically underrepresented groups and very small businesses with fewer than 10 employees.

“Small businesses are the lifeblood of our economy and are the bulwarks of the future success of the state of Illinois,” remarked Gov. Pritzker during the Jan. 23 event. “Capital for growing or jump-starting small businesses is often very hard to come by.”

This program is designed to help small businesses strengthen their operations, overcome financial challenges, and continue contributing to both their communities and Illinois’ economy through capital and infrastructure investments. Many small businesses struggle to get the advance capital necessary for essential operational projects and expansions.

Bolstered by State support, selected businesses will be equipped with resources to create jobs, build capacity, scale operations and increase revenue while reaffirming DCEO’s dedication to advancing equitable access to opportunities and resources for all Illinois communities. 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.

Qualified entities include businesses owned by Socially Economically Disadvantaged Individuals (SEDI) with a maximum of 25 full-time permanent employees and Very Small Businesses (VSBs) with less than 10 employees. SEDI includes businesses owned by historically underrepresented groups including people of color, women, people with disabilities, veterans, members of the LGBTQ community and more. ​

Priority will be given to businesses located in Community Development Financial Institution (CDFI) Investment Areas, especially those with project proposals that focus on job creation, economic revitalization, or increased community engagement in these areas.

Grantees will be selected through a competitive Notice of Funding Opportunity (NOFO) process. Qualified entities can apply for grants from $10,000 to $245,000.

To help applicants prepare to apply for funding, DCEO will be holding a technical assistance webinar at 11 a.m. on February 4.

Applications will be accepted until 5 p.m. on April 7, 2025.

To view and apply for the grant, visit the DCEO website. Interested parties are encouraged to reach out to [email protected]for application assistance.

Answers to frequently asked questions in English and Spanish are available on the DCEO website.

The Governor announced this grant opportunity at The Will Group, who received DCEO grant funds from an earlier iteration of this program to expand their manufacturing presence on Chicago’s West Side.

 

 

“Creating economic opportunity for diverse and small businesses demonstrates our commitment to investing in all of our people and growing the economy,” the governor further noted. “In communities across Illinois, small businesses are sustaining quality jobs, anchoring downtowns and commercial districts, providing vital goods and services, playing an integral role in supply chains, and anchoring the overall strength and diversity of our economy.”

“Supporting a small business doesn’t just support a local economy, it 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 further support their development and build a stronger, more inclusive economy.”

“Through DCEO’s 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 DCEO Director Kristin Richards. “The OE3 Small Business Capital and Infrastructure Grant Program will support small businesses that need it most and bolster economic development throughout Illinois.”

 

 

First paraphrasing Theodore Roosevelt’s words, “You’ve got to be wiling to get in the arena and get dirty,” Gov. Pritzker points out that it is the entrepreneur who is willing to take risks. “They’re on the front edge of growth for all of us,” he said. “So there is real potential for the future of Illinois because of them, everywhere in our state.”

“Equity is the cornerstone of this grant program,” the governor added, before reiterating: “It’s designed to level the playing field for businesses, especially businesses owned by people of color, women and other historically underrepresented populations. The program also prioritizes capital for very small businesses, those with 10 employees or less.”