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PROPOSED GRANT AWARD AMENDMENT
Department: Bureau of Economic Development
Grantee: Office of Economic Development
Grantor: State of Illinois, Department of Commerce and Community Affairs
Request: Authorization to extend grant term to 6/30/2024 and increase grant by $300,000.00
Purpose: Cook County will continue to serve as a "Hub" via the State of Illinois DCEO Small Business Community Navigator Program and engage organizations in the County's small business network to serve as "Spokes" and provide assistance to businesses that wish to apply to current and future DCEO programs including the anticipated Back to Business New Business for startups as well as Advantage Illinois, other small business credit programs and other resources from the State of Illinois available to small businesses.
Supplemental Grant Amount: $300,000.00
Grant Period: 7/1/2021 - 12/31/2022, amended 1/1/2023 - 6/30/2023.
Extension Period: 7/1/2023 - 6/30/2024
Fiscal Impact: N/A
Accounts: N/A
Date of Previous Board Authorization for Grant: 4/27/2023
Previous Grant Amount: $1,069,600.00
Concurrences:
Department of Budget and Management Services has received all requisite documents and determined the fiscal impact of such grant or financial award on Cook County, if any.
Summary: Cook County will continue to serve as a "Hub" under the 2023 State of Illinois DCEO Small Business Community Navigator Program and engage business support organizations in the County's small business network to serve as "Spokes" and provide direct assistance to small businesses that wish to apply to the new upcoming grant programs planned by the State of Illinois 2023 and 2024.
The reason for the amendment is that the State has extended the program and plans to launch additional programs for small businesses and has invited Cook County to continue to serve as one of its Hubs. DCEO utilizes a Hub and Spoke model which complements the work of the Cook County Small Business Source. ...
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