Kane County is set to unveil a program aimed at advancing the development of minority businesses and business entrepreneurs.
The concept is similar to the successful Kane County Export Grant Program in that it piggybacks on another program in order to provide additional incentives for Kane County businesses to apply.
In this case, the Kane County incentive would pay for loan closing costs and fees up to $2,500 for any local business that applies for and wins funding from the state of Illinois’ new Advancing the Development of Minority Entrepreneurship program.
Under that program, just announced by Gov. Bruce Rauner, up to 15 minority/women-owned startup or small businesses in the Chicago region — including Kane County — will be selected by the state to receive training and mentorship as well as access to capital in the form of loans. The ADME selection process emphasizes the business’s potential to create jobs.
The aim of Kane County’s program, which was brought up in resolution form at the Sept. 16 Kane County Board Jobs Committee meeting, is the same as ADME: to strengthen start-up and small businesses by tapping into the potential of underrepresented communities, including African-American, Latino, Asian-American, women, and veteran entrepreneurs.
The ADME application deadline is 11:59 p.m. Sunday, Oct. 23, 2016.
If the resolution is passed on Oct. 6 by the County Board Executive Committee and approved by the full County Board, any Kane County resident who is accepted into ADME will be eligible for a supplemental grant of up to $2,500, paid for via Kane County Economic Development funds.
Criteria for ADME Candidates
- Must be 21 years of age or older.
- Must be a United States citizen.
- Business annual gross revenue must be less than $1 million.
- Businesses selected for the program must become certified as a Minority Business Enterprise and in “Good Standing” with the State of Illinois.
- Business address must be located within the three selected regions Rockford, Chicago or Peoria, Illinois.
- Must be qualified as a member of one of the following minority groups: Women, African-American, Latino-American, Asian-American, Disabled-Persons or a Veteran.
Find more information on the ADME program, visit the ADME Illinois website.
For more information on the Kane County program, contact Chris Toth, Kane County Development & Community Services Department, at firstname.lastname@example.org or 630-232-3491.