Small Business Grants in Illinois (IL)

Securing a small business grant in Illinois involves identifying relevant opportunities, understanding the eligibility criteria, and preparing a comprehensive application. Here are some of the most pertinent opportunities for small businesses in Illinois:

Illinois Small Business Emergency Loan Fund
This initiative by the Department of Commerce and Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) provides loans to businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue.

Downstate Small Business Stabilization Program
This program repurposes $20 million in Community Development Block Grant (CDBG) funds to support small businesses in downstate and rural counties across Illinois. The fund offers grants to small businesses of up to 50 employees.

The 2023 Source Grant
This grant is distributed by the Cook County Small Business Source (The Source), offering $10,000 and $20,000 grants to small businesses operating in Cook County prior to 2020, with fewer than 20 full-time employees on staff, and earned more than $20,000 in gross revenue while operating in 2019.

EDA-funded Revolving Loan Fund
This fund, operated by Invest Aurora, supports the acquisition and rehabilitation of locally owned and managed businesses. The fund was used by a business owner in Aurora to acquire a building for her plant shop.

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)
These are competitive federal grant programs that encourage small businesses to engage in Federal Research/Research and Development (R/R&D) with the potential for commercialization. The Illinois Department of Commerce and Economic Opportunity’s (DCEO)’s Federal Grant Match Program encourages more applicants to apply for these federal grant opportunities.

Rural Business Development Grants
These grants are available for rural businesses and include two types of projects
Opportunity grants and Enterprise grants. They can be used for a variety of purposes, including long-term business strategic planning, feasibility studies, and business plans.

Founders First CDC Chicago Job Creators Grant
This grant provides a $100,000 fund that will make investments to 25 diverse-led businesses in the state of Illinois. To be eligible, the company’s founder must be Black, indigenous, a person of color, LGBTQIA+, military Veteran, woman or located in a low to moderate income area.

It’s crucial to provide accurate and complete information about your business. Regularly follow up with the grant office to address any queries they may have. Remember, securing grants is challenging but not impossible. Keep your options open and consider other forms of funding like crowdfunding and loans.