CHICAGO (WBBM NEWSRADIO) -- There is some good news for Illinois small businesses.
The Illinois Department of Commerce and Economic Opportunity (DCEO) announced Thursday a new $7.3 million investment from the U.S. Small Business Administration for the Illinois Small Business Development Center program – a statewide network focused solely on supporting Illinois businesses and entrepreneurs in starting, growing and maintaining their businesses at no cost.
In the wake of COVID-19, the state said these centers have played a vital role in connecting businesses with support resources and assistance programs designed to help keep businesses afloat. State officials said new funding will bolster the Small Business Development Center network of 40 community-based teams to provide additional resources for education, training and professional business advising to small businesses that have experienced supply chain disruptions, staffing challenges, a decrease in gross receipts or customers, or a closure as a result of COVID-19.
“With 1.2 million small businesses employing nearly half the state’s private workforce, Illinois’ small businesses are truly the lifeblood of Illinois’ economy and core to DCEO’s mission,” said Michael Negron, Assistant Director of DCEO, in a statement.. “This additional funding will help us reach even more employers in providing the assistance and resources they need to not only move beyond this crisis, but to emerge stronger and thriving.”
New funding will support SBDC host organizations to increase assistance and expand outreach for small businesses across the state, with a concerted effort to reach businesses owned by minorities, women, persons with disabilities, veterans and those located in rural areas.
“The Illinois SBDC welcomes these additional resources through our federal partner the U. S. Small Business Administration in order to dramatically increase the capacity and level of assistance provided to Illinois entrepreneurs and small businesses, particularly to those small businesses in underserved areas throughout the state” said Mark Petrilli, the State Director for the Illinois SBDC Network.