For entrepreneurs planning to start or grow their business in Illinois, small business grants can prove to be one of the best funding sources.
These grants can cover various expenses like purchasing equipment, hiring, covering operating costs, or raising working capital.
If you want to explore the world of small business grants in Illinois this guide has everything you need.
Let’s dive right in.
Types of grants for small businesses in Illinois
1. Neighborhood opportunity fund
The Neighborhood Opportunity Fund accepts grant applications from business owners on Chicago’s West, South Sides, and Southwest commercial corridors for financing to help in constructing and rehabilitating new businesses.
Small projects or large projects are the two funding options available to business owners.
Grant financing for small businesses is available up to $250,000, however, the applicant must be situated along a business corridor that qualifies.
Grants between $250K and $2.5M are available for large projects, and there are no regional barriers for large businesses.
2. City of Urbana business grants
The Grants Division receives and manages over $10 million annually in federal and state grant funding. These funds support affordable housing, community development, and social service needs. They do so to increase the number of affordable housing opportunities for low- and moderate-income Urbana residents and improve the overall quality of life in the community.
3. SBIR/STTR Phase I Matching Pro
The state-funded SBIR/STTR Matching Grant Program is designed to further increase capital for Small Business Innovative Research (SBIR)/Small Business Technology Transfer (STTR) recipients in Illinois. Through this funding, the government wants to stimulate high-tech innovation and commercialization for businesses conducting cutting-edge research.
Federal SBIR/STTR recipients of Illinois are eligible for a state matching grant of up to $50,000 per project.
4. Amber Grant for Women
Women in Illinois can also apply for Illinois small business grants through WomensNet. Amber Grant for Women is a $10,000 grant that is awarded by judges once a month to 3 participants. Even better, if you’re the recipient of this month’s $10,000 Amber Grant for Women, you will automatically qualify for a $25,000 Amber Grant for Women at the end of the year.
There’s a possibility to have $35,000 as the total grant amount for your small business by the end of the year.
5. Comcast Rise Grant
Women or minority-owned businesses can apply for a free $10,000 grant from Comcast Rise. Comcast Rise Grant comes with technical assistance, marketing support, free internet access, coaching, and financial assistance.
6. FedEx small business grants
FedEx started a small business grant program in 2012 and is still operational. Every year, FedEx announces 10 winners for its grant offering a monetary prize of $20,000 to runner-ups and $50,000 to grand prize recipients.
7. Walmart Local Community Grants
Walmart provides non-profit local communities, with grants in the range of $250 to $5000. The funds can be utilized by organizations whose goals are either: economic development, diversity and inclusion, education, environmental sustainability, health and human service, hunger, public safety, or quality of life.
8. Grant Watch
Do you want to know more about grants available in Illinois for small businesses without searching much anywhere else, then Illinois Grant Watch can provide you with all the information about grants.
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Eligibility requirements and application process for small business grants
Like qualifying for an Illinois business loan, applying for an Illinois small company grant requires all the documents and planning.
You’ll need to set aside enough time to write your grant proposals which might get tough due to ongoing business operations. We advise you to begin the grant application procedure as soon as you can.
However, before you start the application process, here are some points you must check to know about your eligibility:
- Know your gender/race/nationality/ethnicity
- Your business industry or category (fintech, research, and development, IT, or some other)
- The specific area for which you will use the money from your grant
- Vision and mission of your organization
- How many jobs you will create with the financial help you will get from the grant
- How your small project will support the local community & the government
- Who the target audience of your organization is
Tips on how to get a small business grant in Illinois
Remember, Illinois business grants aren’t easy to achieve. So do you want to increase your chance of success in getting small business grants in Illinois?
Then here are some tips for you:
- Have a well-written business plan outlining the goals, mission, and vision of the company.
- Provide accurate and complete information about you and your firm in the application.
- Be in touch with all types of experts for financial and technical assistance.
- Make polite, non-intrusive contact with the grant office frequently. Ask if they have any queries that you can address.
Even if you follow all the instructions in applying for small business grants in Illinois, there is still a chance that your application might get rejected.
So it’s crucial to have a backup strategy in place. Make sure you have a strategy for what to do if your application for the grant does not pass.
How to Apply for Small Business Grants in Illinois
On the official website of the US government sign up for free to apply for any grants in Illinois.
- They will ask for your name, email ID, and password; that way you are ready to fill out a form.
- Inside their portal, there is a grant repository where you will find all the Illinois government grants available.
- After selecting the exact grant you want to avail of, there will be a step-by-step wizard that you have to fill out. First fill in general information, financial status, financial request, and additional information, and then finalize your proposal after reviewing it.
If you are confused about which grant to choose or the availability of any grant, then there is an option for a subscription too. You can subscribe to the official website, and then get the information you want daily.
Conclusion
Securing grants for small businesses in Illinois is indeed challenging, however, not impossible.
To increase your chances of securing a grant, make sure you choose the best-suited grants and follow up with an impressive application.
Invest time in creating a business plan to strengthen your application using the Upmetrics business planning app. And once everything’s together, apply for the grants.
However, remember that the grant might not satisfy all your funding needs. So keep your options open and explore the other funding sources.
