Grants Up To $5 Million Readily available For Corporations And Entrepreneurs As Part Of Chicago Recovery Plan

CHICAGO — Apps are open for business owners to get crucial funding to plan, develop or enhance their firms as component of a $1.2 billion town software.

The Chicago Restoration Plan Group Advancement Grant program will give little grants up to $250,000 and substantial grants up to $5 million. Enterprise proprietors can use online. Applications are acknowledged on a rolling foundation, with a first-spherical deadline on Jan. 31 and a 2nd-spherical deadline March 10.

The city’s preparing office will host an informational webinar at midday Thursday. To register, click on here.

The grants can be applied for commercial, blended-use and industrial developments to fund building charges, such as pre-progress, development and renovations. Qualified tasks could contain storefront updates and combined-use developments with dining, retail or leisure factors. City cash can include up to 75 p.c of full predicted costs of the challenge.

Businesses in historically disinvested neighborhoods will be prioritized for the grants in an effort and hard work to assure the city’s restoration equitably advantages Black and Latino neighborhoods.

“By investing in neighborhoods, the grants will convey new companies and leisure possibilities to Chicago’s professional corridors, support present firms stabilize or increase, and protect or create hundreds of work opportunities,” Maurice Cox, commissioner of the city’s organizing section, explained in a assertion.

Metropolis officers anticipate the grants will strengthen community economies by bringing new merchandise and providers to traditionally below-invested places, as nicely as short term construction careers and long lasting positions. The money are also predicted to build upon the momentum of huge city investments in Black and Latino communities, this sort of as the developments ushered in by the Spend South/West initiative in neighborhoods which include North Lawndale, Austin and South Shore.

“Community progress is vital for making flourishing and protected communities on our highway to an equitable economic restoration,” Mayor Lori Lightfoot mentioned in a assertion. “These grants will provide substantially-essential support to present and new enterprises, spurring financial activity throughout our town in tandem with our continued investments.”

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