DISTRESSED CAPITAL PROGRAM
Rebuild Distressed Communities is a $25 million economic recovery program to support Illinois businesses that have sustained property damage as a result of civil unrest during protest and demonstrations on or after May 25th, 2020.
The Distressed Capital Program will reimburse the costs to repair structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work. Projects that were denied coverage by an insurance company are eligible, but must include documentation proving denial. Grants will range from $1M to $10M; with subgrants ranging in size from $1,000 to $200,000.
The Distressed Capital Program will specifically help businesses located in DIAs and will prioritize small businesses, women and minority-owned businesses, underinsured or uninsured businesses, businesses that have a high community impact – such as grocery stores – and businesses in communities that have experienced historic disinvestment.
The Distressed Capital Program also includes provisions to ensure BEP-certified contractors, including minority- and women-owned businesses, are the first in line to do the repair work.
WHEN TO APPLY:
DCEO will invite applications for the Distressed Capital Program with a NOFO made available on Monday, June 22nd. To help applicants apply for the Distressed Capital Grant program, DCEO will host a webinar and other outreach to make eligible businesses aware of funding available to them.