Cook County to distribute $40 million to small businesses

Cook County President Toni Preckwinkle and the Cook County Bureau of Economic Development announced the launch of the 2023 Source Grant through the Cook County Small Business Source, a program that strives to support, grow and elevate small businesses as the backbone of Cook County’s economy.

The 2023 Source Grant will award $40 million in grants to thousands of small businesses across the county in early 2024 with funds provided by the American Rescue Plan Act. Applications will remain open until 11:59 p.m. Aug. 18, according to a news release.

“Cook County’s small businesses have faced unprecedented challenges since the onset of the pandemic. The 2023 Source Grant will help them reset and thrive,” Cook County Board President Toni Preckwinkle said in a news release. “I’m proud that this program will provide not only the funds small business owners need but also the business coaching critical to sustainable growth.”

Small businesses are eligible to apply if they have been operating in Cook County prior to 2020 and have fewer than 20 full-time employees on staff. While open to all small business within the county, the program will prioritize suburban Cook County business, businesses owned by veterans and those businesses in sectors deemed hardest hit by the COVID-19 pandemic by the U.S. Treasury: arts and entertainment; childcare and social assistance; hospitality, food and tourism; retail trade; transportation and warehousing.

Applicants may apply to receive one of two grant award levels through the 2023 Source Grant: businesses with a 2019 gross revenue between $20,000-$50,000 are eligible to receive $10,000 grants and businesses with 2019 gross revenue of more than $50,000 are eligible to receive $20,000 grants.

To apply for the grant and to learn more about documentation requirements, upcoming webinars and help sessions, visit cookcountysmallbiz.org/sourcegrant.

The Source provides coaching and guidance to entrepreneurs through one-on-one business advising services led by a network of 50+ business support organizations, through webinars and live events and a library of resources to support every business from a start-up to the seasoned entrepreneur.