Small businesses on the southwest side and southwest suburbs receive $3.2 million
CHICAGO- More than 100 businesses in the Southwest Side and Southwest Suburbs have received more than $3.2 million in Back to Business program funding thanks to the advocacy and support of State Senator Bill Cunningham and representatives from Fran Hurley and Kelly Burke.
“After passing a fiscally responsible budget, I’m excited to see new investment in our small business community,” said Cunningham, a Democrat who represents parts of Chicago and the southwest suburbs.
A total of $3.21 million was awarded to 106 companies as of the 18and Senate District. The B2B grants are awarded by the Illinois Department of Commerce and Economic Opportunity using funds allocated to them by the U.S. bailout as part of last year’s state budget.
DCEO provided $250 million in B2B grants to small businesses across the state, with a focus on hard-hit sectors, such as hotels, restaurants, bars, hair salons and salons, and disproportionately affected areas.
“Let’s continue to shop local to show our support for small businesses and our local economy,” said Hurley (D-Chicago).
The state has seen five Illinois general bond rating upgrades in the past year from the nation’s three major credit rating agencies. The latest two-notch upgrade comes from Fitch Ratings, following the state’s repayment of its bill backlog from more than $16 billion to less than $3 billion in just a few years.
“A good way to get our states’ finances back on track is to put money back in the pockets of working people,” Burke (D-Evergreen Park) said.
Due to fiscal responsibility, the state has seen an increase in funds available to help small businesses.