Start-up Business Grants for Illinois Women
Women have an opportunity start businesses through financial grants, support, and incentive programs available from various state departments, the counties, the cities and private institutions of Illinois.
Illinois women starting a business in Illinois can take advantage of many grant opportunities. The US Department of Labor estimates that full-time woman executives earned more money than other women employee in 2010. In an effort to increase income for Illinois women, the state is providing financial grants and incentives to help women start new businesses.
State Grants
The Illinois Department of Commerce and Opportunity offers grant programs to women owned business start-ups. These grants offers subsidized start-up loans up to 25 percent of borrowed funding up to $750,000.
The Illinois Capital Access Program is one example of the grant support programs offered by the state which guarantee lenders that their loans are insured against defaults allowing women who may not have the credit or personal funds to qualify. For information on to apply for The Minority Participation Loan Program or The Illinois Capital Access Program, contact the Illinois Department of Commerce and Opportunity at 217-785-6142. For other state grants programs for women and assistance in starting a business visit Women and Minority Business Assistance program.
Local Grants
Many Illinois counties offer grants incentives to encourage new businesses. Women applying for these programs are given weighted consideration. These city and county grants help to subsidize special tax breaks and guaranteed start-up loan programs.
The city is Elgin offers a number of business grants and is an excellent example of what most cities in Illinois offer women. Women business start-ups can inquire about the city’s willingness to customize government grant programs and provide assistance for special business projects. Women business start-ups in Elgin can contact the city’s Economic Development Department at 847-931-5593 or 847-931-6749.
Other grant programs include city or county guaranteed start-up loan programs with local financial lenders, reduced sales and real estate tax rates and HUD Enterprise Zone block grants. Some cities are offering grant funds for façade and ground renovations. For information on country and city business grants and loans for women, contact the city and county offices or visit their on-line web sites.
A Private Grant
Considered the largest benefit fund for women in the world, the Chicago Foundation for Women offers financial opportunities for women and educational workshops on how to apply for government grants and loans. Illinois women planning to start non-profit businesses are advised to contact Chicago Foundation for Women for assistance in starting their program.
For information on Chicago Foundation for Women’s current grant opportunities and programs for women in business contact 312-577-2801. Information on other private grant programs in Illinois is available by visiting business.gov.
Resources for Illinois Business Start-ups
Illinois Department of Commerce and Opportunity: Loan and Grant Programs
Illinois Business Portal: Incentives
Illinois Business: Loan Programs
Business.gov: woman-owned businesses
State of Illinois Business Portal: Women and Minority Business Assistance
US Department of Labor Report: Highlights of Women’s Earnings in 2009
