- Published: Friday, May 06, 2022 09:44 AM
ARLINGTON HEIGHTS – Fifty businesses in the Northwest Suburbs were awarded a total of $1.9 million in funding from the Back to Business program thanks to advocacy and support from State Senator Ann Gillespie.
“Our small business community demonstrated remarkable resilience during the past few years, many finding creative ways to keep their doors open during the pandemic,” said Gillespie (D-Arlington Heights). “Local businesses are deserving of this funding to continue getting back on their feet after these unprecedented times.”
A total of $1.9 million was awarded to 50 businesses in the 27th District. The B2B grants are awarded by the Illinois Department of Commerce and Economic Opportunity using funds allocated to them by the American Rescue Plan through last year’s state budget.
DCEO has provided $250 million in B2B grants – thanks to strong support from Senator Gillespie – to small businesses throughout the state, with an emphasis on hard hit sectors, such as hotels, restaurants, bars, barbershops and salons, and disproportionately impacted areas.
Due to fiscal responsibility, Illinois saw an increase in funds available to assist small businesses. The state has seen six Illinois’ General Obligation bond rating upgrades in the last year from all three of the nation’s primary credit rating agencies. The latest two-notch upgrade comes from Fitch Ratings, as a result of the state paying down its bill backlog from over $16 billion to less than $3 billion in a course of just a few years.
Visit the DCEO website for more information on the B2B program.
