ROCKFORD – To help small businesses recover from the pandemic, State Senator Steve Stadelman (D-Rockford) assisted with bringing over $4 million in funding to local businesses.
“Local businesses have bared the brunt of the pandemic, and we are ensuring they have the funds needed to stay operational,” Stadelman said. “Support our local businesses whenever possible — we have all been struggling through the past year, and it’s time to do our part to help them out.”
A total of $4.53 million was awarded to 91 businesses in the 34th district. The Illinois Department of Commerce and Economic Opportunity awards business grants through the B2B program, using funds allocated to them by the American Rescue Plan through last year’s state budget.
DCEO has provided $250 million in B2B grants – thanks to strong support from Stadelman – to small businesses throughout the state, with an emphasis on hard hit sectors, such as hotels, restaurants, bars, barbershops and salons, and disproportionately impacted areas.
“From our restaurants, to our barbershops, Illinois is ensuring that small businesses impacted over the past two years are receiving help,” Stadelman said. “I encourage any businesses still feeling overwhelmed to seek assistance if needed, and I will continue my efforts to support our local businesses.”
With support from Stadelman, the state has seen six Illinois’ General Obligation bond rating upgrades in the last year from all three of the nation’s primary credit rating agencies. The latest two-notch upgrade comes as a result of the state paying down its bill backlog from over $16 billion to less than $3 billion in a course of just a few years.
Due to fiscal responsibility, the state saw an increase in funds available to assist small businesses.
Stadelman urges business owners to visit the DCEO website for more small business resources or contact DCEO’s First Stop Business Information Center Services at 800-252-2923 or email
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