The Illinois Department of Commerce and Economic Opportunity is issuing this Notice of Funding Opportunity to businesses owned by socially and economically disadvantaged individuals (SEDI) or very small businesses (VSBs) to support small business capital improvement projects.
Donor Name: Illinois Department of Commerce and Economic Opportunity
State: Illinois
County: All Counties
Type of Grant: Grant
Deadline: 04/07/2025
Size of the Grant: $100,000 to $500,000
Grant Duration: 2 Years
Details:
This program will offer small business grants across the state to help eligible businesses achieve sustainable growth, improve efficiency, and create and retain jobs.
The 2024 Office of Economic Equity & Empowerment (“OE3”) Small Business Capital and Infrastructure Grant Program builds upon the success of the 2019 Capital Grant Program. Based on the immense need for assistance for businesses of all sizes and types and the Administration’s commitment to equity, this program is designed to help small businesses strengthen their operations, overcome financial challenges, and continue contributing to their communities and Illinois‘ economy through capital and infrastructure investments.
The objective of this NOFO opportunity is to equip businesses with resources to create jobs, build capacity, scale operations, and increase revenues, while reaffirming the Department’s dedication to advancing equitable access to opportunities and resources for all Illinois communities.
This Grant Program will provide financial assistance for initiatives that will drive business growth, enhance operational efficiency, promote sustainability, and support job creation and retention. This funding opportunity is limited to capital improvements and infrastructure projects designed to support SEDI-owned businesses and VSBs.
Program Objectives
- Business Growth and Expansion: Facilitate the physical expansion or renovation of business facilities to accommodate increased operations, production, or customer demand, including the acquisition of new property to support business growth.
- Property Acquisition: Support the purchase of real estate to establish or expand business operations, especially in underserved or economically disadvantaged areas. This includes acquiring additional space or locations to meet demand and diversify business activities.
- Operational Efficiency and Modernization: Improve business productivity through investments in modern equipment, technology upgrades, or enhanced processes.
- Energy Efficiency and Sustainability: Encourage sustainable business practices through energy efficient upgrades, environmentally friendly improvements, and waste reduction initiatives.
- Compliance and Accessibility Improvements: Ensure facilities comply with safety regulations and accessibility standards, promoting safer and more inclusive environments for employees and customers.
- Workforce Development and Job Creation: Support projects that create or retain jobs, with a focus on hiring and retaining employees in underserved communities.
- Long-Term Business Sustainability: Fund projects that contribute to the long-term sustainability of businesses, with performance metrics tracked over 24 months following project completion.
Funding Information
- Estimated Total Program Funding: $10,000,000
- Award Range: $10,000 – $245,000.
Grant Period
The period of performance is expected to be August 1, 2025 through July 31, 2027.
Eligibility Criteria
- Businesses owned by Socially Economically Disadvantaged Individuals (SEDI) with a maximum of 25 full-time permanent employees
- Very Small Businesses (VSBs), businesses with less than 10 employees.
For more information, visit DCEO.
