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Small Business Support: Funding Sources
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Small Business Support: Funding Sources
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Running a Small Business Can be Hard... We Are Here to Help!
Looking for financial assistance to start or expand your business? The BDC can assist you!
Keep scrolling to learn about currently available financial resources from grants to loans for small businesses.
The BDC helps connect businesses with local, state, and federal grants as well as grants offered by trusted partners. Grants are financial programs tailored to specific needs such as payroll, equipment, overhead expenses, etc. If your business is awarded a grant, you receive a predetermined sum of money that does not require repayment.
Each grant has a unique application process, eligibility criteria, document requirements, and review procedure. Please review the details provided below carefully, and feel free to visit the direct websites for specific programs if you have any questions or require assistance with the application process.
For inquiries, please contact Paola at paolag@berwyn.net or call 708-749-6582.
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Finish Line Grant
Roosevelt, Depot, or Harlem/Cermak TIF Districts
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Looking to replace your awning or renovate your building? You may be eligible for the BDC’s Finish Line Grant. This grant program assists businesses and property owners with interior and exterior renovation costs, such as awnings, façade improvements, rodent abatement, and buildouts.
If your business or commercial property is located within one of Berwyn’s active TIF Districts, you may be eligible to receive up to 50% reimbursement on your renovation expenses.
Funding will be calculated as a percentage of the total project cost and will be committed to businesses on a first-come, first-serve basis, with a maximum grant amount of $50,000.00.
To be eligible, you must:
- Be located in the Roosevelt, Depot, or Harlem/Cermak TIF Districts.
- Submit a completed application BEFORE the renovation project starts.
2024 APPLICATION DEADLINE: DECEMBER 13, 2024.
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Upcoming Application Deadlines
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FedEx Entrepreneur Fund and Boost Camp Program
Description: “…12-week digital growth accelerator, where you’ll get access to expert-led sessions, education, mentorship, a peer support network, and so much more.” Open nationwide to small businesses with 25 or less employees, has a revenue of less than $1 million, commitment to the community, etc.
Award Range: “…if you are accepted into the program, you’ll also have the opportunity to receive $10,000 in grant funding! *Acceptance into the Boost Camp does not guarantee funding.”
Deadline: December 13, 2024, at 5:00pm
Program Guidelines: FedEx Entrepreneur Fund and Boost Camp Program
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Tourism Private Sector Grant Program
Description: “…provide grants for the purpose of attracting, hosting and developing new events and festivals in Illinois or enhancing existing festivals and events.”
Eligibility includes:
- IL for-profit entity
- IL Counties
- IL Municipalities
- Not-for-profit entities
- Local promotion groups
Award Range: $10,000 - $50,000
Deadline: December 20, 2024, at 5:00PM
Program Guidelines: https://dceo.illinois.gov/aboutdceo/grantopportunities/2167-2932.html
Technical Assistance Webinar: November 26, 2024 at 11am: https://illinois.webex.com/illinois/j.php?MTID=m148a3e6d4e9aa575c7ae6af2c9d4fca4
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ONGOING GRANT PROGRAMS
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Small Certified Supplier Innovative Finance Program
Description: Open to certified minority-, women-, veteran-, and LGBTQ+ owned businesses (certified by national or state organizations) in the following states California, Georgia, Kansas, Illinois, Michigan, Minnesota, New York, North Carolina, Ohio, Tennessee, Texas, Washington, Pennsylvania, or New Jersey. The annual revenue of the business should be between $250,000 to $10 million.
Award Range: $5,000
Program Guidelines: https://foundersfirstcapitalpartners.com/small-certified-supplier-innovative-finance-program/
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Verizon Digital Ready Grant
As part of their goal to support 1 million small businesses by 2030, Verizon has partnered with LISC to provide more than $1M in grant funding to small businesses. A new round is launching, so register for Verizon Small Business Digital Ready and apply.
Who can apply?
Owners of small businesses. Non-profit business owners are not eligible. Applicants may apply for one business only and must be over the age of 18.
How to apply?
Complete two grant-eligible courses or events between July 1, 2024, and December 13, 2024 to unlock the application, then submit the application by 11:59 PM PT on December 13, 2024. Late applications will not be considered.
Deadline: December 13, 2024
Program Guidelines: https://digitalready.verizonwireless.com
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Low-Income Home Energy Assistance Program (LIHEAP)
Description: “Low Income Home Energy Assistance Program (LIHEAP) to support income eligible households with utility costs. LIHEAP will begin accepting applications on October 1, 2024, through August 15, 2025, or until funds are exhausted.”
Deadline: August 15, 2025
Program Guidelines: HERE
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The LeadCare Cook County program is replacing existing lead lines at childcare facilities across Cook County. This initiative ensures safe drinking water for your childcare center.
For more information and to find out if you are eligible to enroll in this FREE replacement program, visit: leadcareillinois.org/cookcounty/.
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BRITE Grants now available!
Examples of projects the BRITE Grant covers include:
- Upgrading equipment to newer models to eliminate toxics
- Helping pay for waste reduction trainings
- Purchasing and installing equipment that conserves energy and waterDetails: www.cookcountyil.gov/BRITE
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IL INNOVATION VOUCHERS PROGRAM
The IL Innovation Vouchers Program will provide grants for companies to engage in research projects in partnership with an Illinois institute of higher education. This will facilitate the sharing of technologies, knowledge, facilities, and equipment, and ultimately lead to the production of more Illinois-based goods and services and spur economic growth in the state.
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Partner Programs
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BYLINE EXPRESS LOANS
Qualified small businesses can receive rapid approval for working capital and equipment purchases, with loan approval not contingent on collateral1. And, no financials are needed for loans under $150,000.
As experienced SBA lenders, Byline Bank also offers SBA Express loans for applications that don’t qualify conventionally, through automatic decisioning with one single application.LEARN MORE
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Express Business Loans & Lines of Credit
Up to $250,000 in 24 Hours
- Our Express Business Loan makes borrowing easy so you can focus on what matters most – your business.
- No hassles. No headaches. No kidding.
- This is business banking done right. Right now.
Not ready to apply online? Want to learn more? republicebank.com/business/business-express-loans/
Have a Business Banking expert call you back.
Get Started!