The Economic Development Downstate Small Business Stabilization program has been established to provide grants for working capital funds to businesses economically impacted by the COVID-19 virus.
The program makes funds available to cover 60 days of verifiable working capital up to a grant ceiling of $25,000 and is available for businesses 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 funding will be awarded.
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 projects should have solid commitments to retain permanent jobs.
Funds are provided by the State of Illinois to the communities of Charleston, Mattoon, and Oakland. Funding is not made directly to a business by the State of Illinois. Therefore, interested businesses should contact Coles Together, the Mattoon Chamber of Commerce, the Charleston Chamber of Commerce, or the City of Oakland for pre-screening in an effort to speed the review process and shorten the length of time to access funds.
To comply with state public notice rules, the first round of application processing will require a completed application be submitted by April 3. Public notice will be issued April 8 and City Council review will occur April 21.
A second cycle will begin immediately thereafter with applications due April 15. Public notice will be issued April 22 and City Council review will occur May 5.
Please contact your Chamber, Coles Together, or the City of Oakland for further information and assistance completing the application.
