The Downstate Small Business Stabilization program has been established to provide grants for working capital funds to businesses that have been economically impacted by the Covid-19 virus.
The program provides resources to award grants for 60 days of verifiable working capital up to $25,000 and is available to businesses with three years of operational history that employ 50 people or less. While all businesses with losses related to COVID-19 are encouraged to apply, certain qualifying criteria must be met and there is no guarantee that applicants will be awarded a grant due to the limited amount of funding that is available statewide.
Funds may be used to assist private, for-profit small retail and service businesses, or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely. Applicants must demonstrate an “Urgent Need” in relation to the COVID-19 emergency and should make a solid commitment to retain permanent jobs.
Funding is not made directly to a business by the State of Illinois, rather, grant funds are provided by the State through the Village of Machesney Park.. Therefore, interested businesses should file a completed pre-application form with the Village for pre-screening in an effort to speed the review process and shorten the length of time to access funds. Download the pre-application form by clicking here. Applications must be submitted as an electronic via to firstname.lastname@example.org.
To comply with state public notice rules, the first round of application processing will require interested parties to submit their applications by April 24th. The deadline for the second round of applications will be Friday, May 8th, 2020.