Cook County Small Business Source Grow Grant
The Cook County Small Business Source Grow Grant is a program designed to support and encourage the growth of small businesses in Cook County. This grant aims to provide financial assistance to local entrepreneurs and help them expand their operations, create job opportunities, and contribute to the economic development of the county.
Eligibility Criteria
To be eligible for the Cook County Small Business Source Grow Grant, businesses must meet certain criteria. Firstly, the business must be located within Cook County and have a valid business license. Additionally, the business must be a for-profit entity, employ fewer than 50 full-time equivalent employees, and have a gross annual revenue of less than $5 million.
Priority is given to businesses that are owned by minorities, women, veterans, or persons with disabilities. Furthermore, applicants should demonstrate a potential for growth, innovation, and positive community impact.
Grant Amount and Usage
The Cook County Small Business Source Grow Grant provides financial assistance of up to $10,000 per business. The grant funds can be used for various purposes related to business growth, including but not limited to:
– Purchasing or upgrading equipment and machinery
– Expanding production capacity
– Marketing and promotional activities
– Hiring and training employees
– Research and development
Business owners are required to submit a detailed plan outlining how they intend to utilize the grant funds and how it will contribute to the growth of their business. This plan will be evaluated as part of the application process.
Application Process
Applying for the Cook County Small Business Source Grow Grant is a straightforward process. Interested business owners can find the grant application form on the official website of Cook County Small Business Source. The application form requires detailed information about the business, its owners, financial statements, and a comprehensive business plan.
It is important to ensure that all required documents and information are accurately provided to avoid any delays or complications in the evaluation process. Incomplete or incorrect applications may result in disqualification.
Once the application is submitted, it goes through a thorough review process by a panel of experts appointed by Cook County Small Business Source. The panel evaluates each application based on the eligibility criteria, the business plan, and its potential for growth and community impact.
Selection and Award
After the evaluation process, successful applicants will be notified of their selection for the Cook County Small Business Source Grow Grant. The grant funds will be disbursed directly to the business upon completion of any necessary documentation and agreements.
Receiving the Cook County Small Business Source Grow Grant is a significant achievement for small businesses. It not only provides financial support but also validates the potential and value of the business, enhancing its reputation and credibility within the community.
Conclusion
The Cook County Small Business Source Grow Grant is a valuable resource for small businesses in Cook County. It offers financial assistance to eligible businesses, supporting their growth and development. By providing grants to promising entrepreneurs, the program aims to foster economic growth and create a thriving business community in the county.
With the Cook County Small Business Source Grow Grant, entrepreneurs have an opportunity to take their businesses to new heights and make a positive impact on the local economy. By utilizing the grant funds strategically, businesses can invest in their growth, create job opportunities, and contribute to the overall prosperity of Cook County.
Frequently Asked Questions (FAQs)
1. How can I apply for the Cook County Small Business Source Grow Grant?
You can apply for the grant by visiting the official website of Cook County Small Business Source and filling out the application form with the required information and documentation.
2. What is the maximum grant amount that can be awarded?
The Cook County Small Business Source Grow Grant provides financial assistance of up to $10,000 per business.
3. Who is eligible to apply for the grant?
Businesses located within Cook County, with a valid business license, employing fewer than 50 full-time equivalent employees, and having a gross annual revenue of less than $5 million, are eligible to apply. Priority is given to businesses owned by minorities, women, veterans, or persons with disabilities.
4. Can the grant funds be used for any purpose?
The grant funds can be used for various purposes related to business growth, such as equipment purchase, expansion, marketing, hiring, and research and development.
5. How long does the application review process take?
The application review process may vary, but successful applicants will be notified of their selection after the evaluation process is completed. It is advisable to submit a complete and accurate application to avoid delays.
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