INTRODUCTION
The Growing Business Development program supports small businesses located in the City of Champaign by reimbursing up to $20,000 for eligible business costs and by providing technical support. Applicants submit a business plan during an application period and are awarded reimbursement grants according to a set of program criteria. Awardees may access their full reimbursement award by attending two (2) Illinois Small Business Development Center technical sessions or by meeting with Illinois Small Business Development Center staff to strategize overcoming business-specific challenges.
Eligible Applicants
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Applicants must have an active business in a publicly accessible location within the City of Champaign that has been in operations for more than two (2) years.
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Subject business must have fewer than ten (10) full-time equivalent employees.
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Subject business must generate less than $2,000,000 in annual gross revenues.
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Subject business must be a registered client with the Illinois Small Business Development Center.
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Subject business must operate legally in accordance with all Federal, State, and local laws and regulations and be current with all City taxes, fees, and licenses.
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Subject business must not have received small business funding through the City of Champaign two (2) years prior to application.
Eligible Costs: Applicants may apply for up to $20,000 reimbursement for the below costs. Applicants with limited access to financing are encouraged to apply for microloans with Justine Petersen, a non-profit Community Development Financial Institution with local presence at the Champaign County Economic Development Corporation offices at 1817 South Neil Street, Suite 100, Champaign, IL 61820. See this handout to schedule a meeting with Justine Petersen. The following costs are eligible for reimbursement under this program.
- Bookkeeping, Digital Point-of-Sale Subscriptions (e.g., Quickbooks, Toast, Square, etc.)
- Professional Services such as Human Resources, Accounting, and Legal Fees
- Website, Branding, and Design Fees
- Up to 50% of the total award can be used for one-time capital expenses such as equipment, computers and software, and furniture if these investments are justified within a business plan attached to the application
Program Terms: Applicants must submit a description of the business and a budget and narrative of how the requested funding would help sustain and grow the business. Applicants are encouraged to register for a Small Business Development Center (SBDC) workshop, review their online resources or contact them via email for business assistance.
If awarded reimbursement, awardees must attend two (2) Small Business Development Center (SBDC) technical sessions or meet with the SBDC Director to work through business-specific issues the within before they can access the full award. Meetings or technical sessions will count towards the applicants’ reimbursement eligibility after City of Champaign staff receive confirmation from the SBDC Director. Technical session attendance or meetings with the SBDC Director should occur within six (6) months of grant award. Applicants may then submit reimbursement for one (1) year after receiving a reimbursement award.