Supporting Struggling Small Businesses
The pandemic and Covid-19 mitigations began inflicting immense damage to many small businesses in March of 2020. Thousands of small businesses initially applied for Illinois Business Interruption Grants. While these grants helped some small businesses, approximately 80% of eligible small businesses which applied were not awarded a grant.
Subsequently, Illinois received over 8 billion dollars in American Rescue Plan Act funds. However, only $250 million were allocated for Back to Business grant program. These funds will likely be exhausted before many struggling and eligible businesses receive grants.
Illinois still has billions of federal funds and should replenish the Back to Business grant program with an additional $300 million. Our policymakers should not pick winners and loses when there is adequate funding to support the struggling small businesses.
House Bill HB5489 will allocate an additional $300 million for the Back to Business grant program. Please ask your legislators to support this legislation so that struggling small businesses can receive the support they need to recover from a pandemic, and associated mitigations, which they could not control.
5/3 Bank – Informational Articles
Fifth Third Bank – Commitment to Small Business SBAC partner Fifth Third Bank is committed to the success of small businesses. Because “small” is a misnomer for driving the economy and creating jobs in local communities as they have a “big” impact. Fifth Third partners with small businesses to provide the lending, lines of credit,…
Empower Stats!
Empower has been working hard… Over the past 6 months, our mentoring program has blossomed; we’ve been able to help so many Small Businesses! Since January 2023, we’ve seen a 31% increase in our outreach to those in need of help. As proud of we are as our growth, we’re even more proud of our…
Stats for Small Businesses
IL Small Businesses, Did you Know…. Did you know that according to the Illinois Small Business Association, a bit over 98% of the businesses within Illinois are Small Businesses? That means statistically, you can probably name most of the larger IL businesses off the top of your head! So, if you approach a store on…
