May 2023 Business Matters News

In This Issue:

Back to Business Grant Deadline 5/10/23!
Manufacturing Meetup 5/11/23
Federal Funding for Small Businesses

Back to Business Grant Deadline

Application Deadline is May 10th

HAVE YOU APPLIED YET? The Back to Business (B2B) grant program is currently providing recovery grants for businesses in the hardest-hit industries - restaurants, hotels, and creative arts businesses.

Eligible businesses are encouraged to apply for their share of $175 million in available grant funding as part of efforts to support ongoing recovery in hard-hit industries. All applicants will receive a grant as long as they meet eligibility requirements, submit proper documentation and attestations required by the program.

Applications are being accepted through May 10th. Apply today!

For eligibility requirements, grant details and to APPLY, go to: https://dceo.illinois.gov/smallbizassistance/b2b.html

Manufacturing Meetup - May 11th

Hosted by the Village of Roselle and the Village of Hanover Park

The Village of Roselle and the Village of Hanover Park are partnering to present this year’s Manufacturing Meetup, a FREE networking event where local manufacturers and business owners can learn about beneficial resources and opportunities that support business growth.

The Roselle & Hanover Park Manufacturing Meetup will be held on Thursday, May 11 from 5:00-7:00 p.m. at BOS - Office Furniture Outlet Showroom (501 S. Gary Ave., Roselle). Attendees can enjoy appetizers and free samples from Pollyanna Brewing and Lynfred Winery during the networking session starting at 5:00 p.m., which will be followed by a panel presentation starting at 6:00 p.m. During the panel discussion, attendees will hear from local organizations about programs and assistance available to local businesses and manufacturers:

CHOOSE DUPAGE will discuss two new initiatives that help businesses gain new opportunities and identify ways to reduce costs while helping the environment.
ILLINOIS DEPARTMENT OF COMMERCE & ECONOMIC DEVELOPMENT (DCEO) will provide an update on current business development programs, as well as how to best navigate state programs, incentives, and tax credits.
ILLINOIS MANUFACTURING ASSOCIATION (IMA) will discuss educational opportunities, training grants, and other benefits available to IMA members.
WORKNET DUPAGE will share their training and workforce development resources.

THE VILLAGE OF ROSELLE AND THE VILLAGE OF HANOVER PARK will also provide attendees information about resources available to businesses and manufacturers within their respective communities.

To reserve your FREE spot, go to: https://www.eventbrite.com/e/roselle-hanover-park-manufacturing-meetup-tickets-601500031787

Federal Funding for Small Businesses

The State Small Business Credit Initiative

On December 6, the U.S. Department of the Treasury announced that Illinois will receive up to $354.6 million to administer four programs as part of the State Small Business Credit Initiative (SSBCI). The programs include:

Advantage Illinois - an existing program which provides low-interest loans to small businesses; in 2022, 71% of these loans went to businesses owned by women, people of color, veterans, or people with disabilities
Advantage Illinois' New Loan Guarantee Program - which will support businesses that have had difficulty receiving loans by using funds to guarantee a percentage of loans provided by partner lender.
INVENT Venture Capital Program (VCP) - a new direct equity program that will focus on investing in businesses in key industries such as agriculture, ag tech, information technology, life sciences, manufacturing and more
Climate Bank Finance Loan Participation Program - which will issue loans to small businesses in the clean energy sector.

SSBCI was reauthorized as part of the American Rescue Plan Act and provides $10 billion to states for assistance to small businesses. Illinois is one of seven states approved to receive funding. The press release with additional information on the announcement was released by the Illinois Department of Commerce and Economic Opportunity.

Grant programs will launch soon. Interested businesses should fill out the form linked below to receive additional information and updates when the programs are launched.

For more information and to receive updates when the programs are launched, go to:

https://form.jotform.com/223395045936058

Questions?
Please Contact the
Community & Economic Development Department

CDevelopment@hpil.org

630-823-5780

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