The City Yorkville anticipates participating in the Downstate Small Business Stabilization Program. The Downstate Small Business Stabilization Program has been established to provide working capital funds to community’s businesses economically impacted by the COVID-19 virus. The program component makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000. The application will be processed through the City of Yorkville, however; the award decision will be made by the State of Illinois. Applications for the program must be made through the City of Yorkville. Grant funds are then given to communities as a pass through to eligible businesses which must document the need for grant assistance. The City of Yorkville is expected to participate on behalf of their eligible businesses.
Here is a list of criteria that your business must meet to be eligible for this program:
• You must have been open in Yorkville since January 1, 2017. Any business that opened after that date is NOT eligible.
• You CANNOT be a franchise business.
• You must have a least one other W2 employee, in addition to the owner.
• You must have less than 50 employees.
• The ownership of your business must be exactly the same from January 1, 2017 to the current date.
• You must be a Non-Essential business, as defined by the State of Illinois.
• Some Essential business may apply, if social distancing is limiting the ability of the business to operate with customers/clients on a normal basis.
If you believe your business meets all of these criteria, you should be prepared to:
• Complete the necessary application, which will include financial information (including bank statements) about your business, other required documentation, and explanation of how the business has been impacted by the COVID-19 crisis.
• All of this information will be available for public review, as the process includes a Public Hearing, which will take place at the local (City of Yorkville) level.
This is a loan program that will convert to a forgivable grant, if the business is able to accomplish the following:
• Remain open for a minimum of 60 days after funding is awarded.
• Use half of the award funds for payroll expenses, and half for other working capital.
• The actual amount of the loan/grant is based on 2 months of actual business expenses, not to exceed $25,000.
If you are interested in this program, or would like to review an application packet please contact: Lynn Dubajic, United City of Yorkville, Economic Development Consultant at: lynn@dlkllc.com or by phone at: 630-209-7151.