Grants Now Available To Oswego Businesses Affected By COVID-19

OSWEGO, IL — The village announced that State of Illinois Downstate Small Business Stabilization Grant applications are now available for small businesses located in Oswego that have been affected by the COVID-19 pandemic.

The grants, funded by the State of Illinois and administered through the Village of Oswego, will offer 60 days of working capital, up to a total of $25,000, to small businesses of 50 or fewer employees that were categorized as non-essential during the statewide stay-at-home order.

This state-funded program has several strict eligibility and documentation requirements, and businesses must apply through the village to be considered for the grants.

A full list of eligibility and documentation requirements is available here, where business owners can also download the application.

The application process is lengthy. The village will impose deadlines yet to be determined that will require the applicant business to quickly collaborate with the village to complete application materials.

The village will advertise and hold a public hearing during which an applicant's submitted documentation will be available to the public for review. Following the hearing, the Oswego Village Board must approve a resolution in support of the application. The application will then be sent to the state for review and approval. If successful, the state will provide funds to the village, which will then disburse money to applicants as expenses are incurred.

Applications will be accepted on a first-come, first-served basis. Additional deadlines are anticipated and will be announced by email.

For questions about applying to the Downstate Small Business Stabilization Program, contact Economic Development Director Corinna Cole at 630-551-2334 or ccole@oswegoil.org.

Several federal, state and local programs are available to assist small businesses affected by the COVID-19 pandemic.