Gov. Pritzker announces new funding for minority-owned businesses

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A Peoria councilwoman hopes local minority entrepreneurs and business owners take advantage of millions of dollars in grants recently announced by the Pritzker administration.

The Illinois Department of Commerce and Economic Opportunity’s Office of Minority Economic Empowerment have announced two new funding opportunities for a total of $15 million to provide minority-owned businesses with new resources.

Gov. J.B. Pritzker said people can apply online for these grants that will help create jobs, build capacity, increase revenues, and expand regionally. The announcement marks the first time the program has been funded. 

“My administration is committed to expanding opportunities for minority-owned businesses, especially as an important way to help underserved communities grow,” said Pritzker. “This funding will help businesses overcome one of their key obstacles – access to capital – and will help businesses across the state grow.” 

$10 million in funding is open to minority-owned businesses located in underserved populations. Eligible applicants include minority- owned businesses using the federal definition of minority owned firms, start-ups or established businesses requiring public infrastructure improvements. $5 million in funding is available for incubators who serve or would like to serve minority-owned businesses.   

Peoria city councilwoman Denise Moore does not want entrepreneurs in her district to miss out on the opportunity, and is hosting an informational session on Monday, May 13, at the Gateway Building in Downtown Peoria. The event will begin at 2pm.

The event is free, but registration is recommended. You can register here

Meanwhile, the Department of Commerce and Economic Opportunity will offer informational workshops across the state for businesses and incubators seeking additional details about the grants.

The application process is competitive and not all businesses or incubators will receive funding. Anyone interested can click here to learn more about the application process and upcoming workshops. 

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