Small Business Capital and Infrastructure Grant Program

Pursuant to Public Act 103-0006, Section 220, the equity-focused OE3 Small Business Capital and Infrastructure Grant Program will award grants, up to $10 million, to support small businesses with capital resources that can be used for infrastructure improvements, acquisition of essential equipment, or the purchase of new property.

This Grant Program will provide financial assistance for initiatives that will drive business growth, enhance operational efficiency, promote sustainability, and support job creation and retention. This funding opportunity is limited to capital improvements and infrastructure projects designed to support SEDI-owned businesses and VSBs.

To promote equitable economic recovery and growth, consistent with the objectives and funding sources of this Grant Program, OE3 will allow an exception to the bondability guidelines for movable durable equipment designated as rolling stock when it functions as the business’s point-of-sale operation. This exception also applies to original furnishings and durable equipment purchases that are essential to the operation of the rolling stock as point of sale operations (see Section B). For eligible mobile businesses, rolling stock, along with original furnishings and durable equipment, also serve as the business’s point of sale operation in lieu of a brick-and-mortar facility.

To promote equitable economic recovery and growth, businesses located in Community Development Financial Institution (CDFI) Investment Areas will be prioritized. These businesses are uniquely positioned to benefit from investments that address the needs of economically disadvantaged communities. Projects that focus on job creation, economic revitalization, or increased community engagement in these areas will receive additional points during the review process.

The 2024 OE3 Small Business Capital and Infrastructure Grant Program reaffirms the DCEO’s dedication to equitable access to resources. By targeting SEDI- and VSB-owned businesses, the program seeks to not only drive economic recovery but also ensure that the benefits of business development extend to all communities throughout Illinois.

Program Objectives:

•        Business Growth and Expansion: Facilitate the physical expansion or renovation of business facilities to accommodate increased operations, production, or customer demand, including the acquisition of new property to support business growth.

• Property Acquisition: Support the purchase of real estate to establish or expand business operations, especially in underserved or economically disadvantaged areas. This includes acquiring additional space or locations to meet demand and diversify business activities.
• Operational Efficiency and Modernization: Improve business productivity through investments in modern equipment, technology upgrades, or enhanced processes.
• Energy Efficiency and Sustainability: Encourage sustainable business practices through energy efficient upgrades, environmentally friendly improvements, and waste reduction initiatives.
• Compliance and Accessibility Improvements: Ensure facilities comply with safety regulations and accessibility standards, promoting safer and more inclusive environments for employees and customers.
• Workforce Development and Job Creation: Support projects that create or retain jobs, with a focus on hiring and retaining employees in underserved communities.
• Long-Term Business Sustainability: Fund projects that contribute to the long-term sustainability of businesses, with performance metrics tracked over 24 months following project completion.

Find the list of awardees below: