SBDCArchive for the ‘’ Category

Urbana Small Business Microloan Fund Launched to Support Local Businesses

FOR IMMEDIATE RELEASE
 
Media Contact:
Carly McCrory-McKay, Executive Director
Champaign County Economic Development Corporation
carly@champaigncountyedc.org
217-649-2586

Urbana Small Business Microloan Fund Launched to Support Local Businesses
Support from City of Urbana, Champaign County Economic Development Corporation, Justine PETERSEN, and Woodforest National Bank to Help Boost Access to Capital

CHAMPAIGN-URBANA, IL, October 27, 2023 – Together with Justine PETERSEN and the City of Urbana, the Champaign County Economic Development Corporation (CCEDC) is pleased to announce the establishment of the COVID-19 Recovery: Urbana Small Business Microloan Fund. The loan fund aims to help disadvantaged entrepreneurs and small businesses in Urbana access affordable financial services.

The City of Urbana committed $250,000 of its American Rescue Plan Act (ARPA) funds to establish the microloan fund. Justine PETERSEN worked locally with Woodforest National Bank® to leverage the dollars provided by the city. A total of $2,000,000 is available in the fund, which will continue to revolve.

“The City of Urbana is excited to work with Justine PETERSEN and EDC to offer financial support to Urbana entrepreneurs and businesses,” stated Darius White, Economic Development Coordinator at the City of Urbana. “This is a wonderful opportunity to assist our business community with startups, growth, and expansions of businesses.”

The loan fund aims to assist new and existing businesses and entrepreneurs in Urbana, focusing on those who do not qualify for traditional lending. Eligible businesses located in Urbana can access small business loans up to $50,000.

In 2022, Justine PETERSEN established an official presence in the CCEDC office to offer micro-enterprise and small business lending, consumer lending, and credit-building support. Additionally, Justine PETERSEN has since launched the COVID-19 Recovery: Champaign County Small Business Microloan Fund with support from Champaign County, CCEDC, Busey Bank, and PNC Bank, which was recently recognized by the U.S. Small Business Administration (SBA) as Microloan Program of the Year. Since 2022, Justine PETERSEN has assisted 113 Champaign County businesses access $2.175M in capital.

“Our organization has been focused on developing more opportunities for area small businesses to access capital, so we are thrilled about this new partnership to support businesses located in Urbana,” said Carly McCrory-McKay, Executive Director of the Champaign County Economic Development Corporation. “We’re grateful to the City of Urbana and Woodforest National Bank® for making this program a reality, and we look to continue the momentum with Justine PETERSEN and regional partners to collaboratively address barriers minority businesses experience in accessing the capital needed to start and grow their businesses.”

“Through this collaboration with Woodforest National Bank®, City of Urbana, and Champaign County Economic Development Corporation, Justine PETERSEN strengthens its enduring commitment to increase financial inclusivity, empowering disadvantaged entrepreneurs and small businesses in Urbana,” said Sheri Flanigan-Vazquez, Chief Operating Officer of Justine PETERSEN. “This initiative not only amplifies our shared vision but also emboldens our efforts to bridge economic disparities, ensuring every business, regardless of its size, has access to the essential capital it needs to thrive.”

“Woodforest National Bank® is deeply committed to providing access to capital for small business owners across all regions of Illinois. Collaborating with the City of Urbana, we are providing much-needed capital to underserved local small business owners. Justine PETERSEN has been a longtime community partner, and we are confident their resources and staff will make a tremendous impact across the region to elevate job creation and community and economic development,” said Nisha Floyd, Associate Director, Community Development, Woodforest National Bank®.

Individuals and businesses interested in learning more about the COVID-19 Recovery: Urbana Small Business Microloan Fund are encouraged to contact Tristan Brown, Justine PETERSEN’s Illinois Operations Manager, based full-time at the CCEDC office in Champaign, at TBrown@justinepetersen.org, 217-494-0884, or by scheduling an appointment at https://calendly.com/tbrown-justinepetersen/intake30min.

About Champaign County Economic Development Corporation:
The Champaign County Economic Development Corporation (CCEDC) is a public-private partnership dedicated to fostering a cooperative, county-wide approach to economic development and works to improve the economic well-being of all Champaign County through efforts that entail job creation, job retention, tax base enhancements, small business development, and promotion of quality of life. CCEDC brings together community partners to support economic development by aligning interests through productive relationships, open dialogue, and advocacy efforts. CCEDC hosts the Illinois Small Business Development Center (SBDC) at Champaign County EDC, which provides one-on-one confidential business advice, training, and small business support programs. Learn more at https://www.champaigncountyedc.org/.

 About Justine PETERSEN:
Justine PETERSEN is a nationally recognized financial asset-building non-profit organization with offices in Illinois and Missouri. As a leading community development financial institution (“CDFI”), HUD-certified housing counseling organization, and US Small Business Administration (“SBA”) microlender, Justine PETERSEN offers financial products and services that build assets and change lives. Learn more at www.justinepetersen.org.

 

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Press:

Champaign County announces launch of new microloan fund

Champaign County launches COVID-19 recovery microloan fund for Urbana small businesses

Urbana establishes new fund to support small businesses

Champaign County Small Business Microloan Fund Launched to Support Local Businesses

FOR IMMEDIATE RELEASE

Media Contact:
Carly McCrory-McKay, Executive Director
Champaign County Economic Development Corporation
carly@champaigncountyedc.org
217-649-2586

Champaign County Small Business Microloan Fund Launched to Support Local Businesses
Support from Champaign County, Champaign County EDC, Justine PETERSEN, Busey Bank, and PNC Bank to Help Boost Access to Capital

CHAMPAIGN, IL, March 13, 2023 – Together with Justine PETERSEN and Champaign County, the Champaign County Economic Development Corporation (CCEDC) is pleased to announce the establishment of the COVID-19 Recovery: Champaign County Small Business Microloan Fund. The loan fund aims to help disadvantaged entrepreneurs and small businesses in Champaign County gain access to affordable financial services.

Champaign County committed $250,000 of its American Rescue Plan Act (ARPA) funds to establish the microloan fund. Justine PETERSEN worked locally with Busey Bank and PNC Bank to leverage the dollars provided by the county. A total of $2,000,000 is available in the fund, which will continue to revolve in Champaign County.

“Champaign County is fortunate to have dedicated ARPA funding that can assist small businesses in Champaign County in response to the negative impacts of the COVID-19 pandemic,” affirmed Steve Summers, Champaign County Executive. “We look forward to seeing the positive impacts of the Small Business Microloan Fund to help boost business operations of local entrepreneurs and the economy.”

The loan fund aims to assist approximately 100 new and existing businesses and entrepreneurs in the county, focusing on those who do not qualify for traditional lending. Eligible businesses located in Champaign County can access small business loans up to $50,000.

“As part of our strategic plan, we’ve been working to develop more opportunities for area small businesses to access capital,” said Carly McCrory-McKay, Executive Director of the Champaign County Economic Development Corporation. “It has been a priority for our organization to partner with local and regional financial institutions and governmental agencies to increase these opportunities and to collaboratively address barriers minority businesses experience in accessing the capital needed to start and grow their businesses. We’re grateful to Champaign County, Busey Bank, and PNC Bank for committing funds to make this microloan program a reality. We look forward to working with Justine PETERSEN and our regional economic development partners to ensure the fund is successful.”

In September 2022, Justine PETERSEN established an official presence in the CCEDC office. Since then, the organization has already assisted 20 businesses in accessing more than $350,000 in capital.

“Establishing this loan fund is a testament to the synergy alive and well in the Champaign County small business ecosystem,” said Sheri Flanigan-Vazquez, Chief Operating Officer of Justine PETERSEN. “Justine PETERSEN is both excited and proud to assume an active role in providing local small businesses with access to safe and affordable capital.”

“Small businesses drive progress in thriving communities, so we’re proud to be a partner in this exciting investment initiative to support entrepreneurs and business owners,” said Mark Wisniewski, Executive Vice President – Market President with Busey Bank. “Founded in Champaign County 155 years ago, we understand the unique challenges facing local small business owners. This fund creates vital opportunities for those who may not otherwise have access to essential financing—fulfilling their dreams, helping their business, and growing our community.”

Since 2014, PNC has helped amplify the work by Justine PETERSEN, its affiliate Great Rivers Community Capital, and local organizations serving underserved neighborhoods in the region.

“PNC’s standing as one of the country’s leading financial institutions enables us to deliver the capabilities of a national bank at the local level. Today, we see the power of public and private institutions coming together to create pathways for hard-working entrepreneurs and small business owners to thrive,” said Brian Ray, PNC regional president of central Illinois. “Access to capital is critical to the stability of our neighborhoods across the region, particularly in underserved areas. Thank you to Justine PETERSEN and their city and county partners who work hard to fuel economic empowerment and business development so that we can move our communities forward financially.”

Individuals and businesses interested in learning more about the COVID-19 Recovery: Champaign County Small Business Microloan Fund are encouraged to contact Tristan Brown, Justine PETERSEN’s Illinois Operations Manager, based full-time at the CCEDC office in Champaign, at TBrown@justinepetersen.org or 217-494-0884. Additionally, Justine PETERSEN will host open office hours on March 15 from 10-11 AM and March 30 from 2-3 PM at the CCEDC office. Interested parties are welcome to stop by during those designated timeframes to learn more, ask questions, and schedule appointments.

Justine PETERSEN is housed within the Champaign County Economic Development Corporation office at 1817 S. Neil Street, Suite 100, Champaign. Office hours are 8:30 AM – 4:30 PM, Monday through Friday, and by appointment.

About Champaign County Economic Development Corporation:

The Champaign County Economic Development Corporation (CCEDC) is a public-private partnership dedicated to fostering a cooperative, county-wide approach to economic development and works to improve the economic well-being of all Champaign County through efforts that entail job creation, job retention, tax base enhancements, small business development, and promotion of quality of life. CCEDC brings together community partners to support economic development by aligning interests through productive relationships, open dialogue, and advocacy efforts. CCEDC hosts the Illinois Small Business Development Center (SBDC) at Champaign County EDC, which provides one-on-one confidential business advice, training, and small business support programs. Learn more at https://www.champaigncountyedc.org/.

 About Justine PETERSEN:

Justine PETERSEN is a nationally recognized financial asset-building non-profit organization with offices in Illinois and Missouri. As a leading community development financial institution (“CDFI”), HUD-certified housing counseling organization, and US Small Business Administration (“SBA”) microlender, Justine PETERSEN offers financial products and services that build assets and change lives. Learn more at www.justinepetersen.org.

 

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Madeleine Wolske Named Director of Illinois Small Business Development Center at Champaign County EDC

FOR IMMEDIATE RELEASE

Media Contact:
Carly McCrory-McKay, Executive Director
Champaign County Economic Development Corporation
carly@champaigncountyedc.org
217-649-2586

Madeleine Wolske Named Director of Illinois Small Business Development Center at Champaign County EDC

CHAMPAIGN, IL, February 20, 2023 – The Champaign County Economic Development Corporation (CCEDC) is pleased to announce Madeleine Wolske as its new Director of the Illinois Small Business Development Center at Champaign County EDC. She begins the role today, February 20.

Wolske most recently served as the Business Librarian at Champaign Public Library, where she led business services, including providing direct assistance to small businesses and developing innovative programming. In addition to years of experience supporting small businesses, she also owns her own small business. Wolske earned a Bachelor of Liberal Arts degree from Southern Illinois University Carbondale (SIUC) and a master’s degree in Library and Information Science from the University of Illinois Urbana-Champaign (UIUC).

“We’re thrilled to have Madeleine join our team,” said Carly McCrory-McKay, Executive Director of the Champaign County Economic Development Corporation. “Her extensive experience, innovative thinking, results-oriented leadership, and collaborative spirit will be valuable for our center and community. I’m confident she’ll be able to build, sustain, and expand partnerships.”

As the SBDC Director, Wolske is responsible for the day-to-day management and operations of the SBDC, including advisory services to clients, oversight of budget activities, required reporting, and supervision of the International Trade Center. Additionally, Wolske will represent the SBDC program at a local and regional level within the economic development and business communities and collaborate closely with stakeholders throughout Champaign County and central Illinois.

“With her expertise and passion for entrepreneurship, we are confident that Madeleine’s contributions will build upon the strong foundation of the Illinois SBDC at Champaign County EDC,” stated Ericka White, State Director of the Illinois SBDC Network. “Additionally, her breadth and extensive knowledge will strengthen the Illinois program as she collaborates with her peers throughout the state.”

The Illinois Small Business Development Center at Champaign County EDC is part of the Illinois SBDC Network, one of the largest SBDC networks in the nation. Hosted by the Illinois Department of Commerce and Economic Opportunity (DCEO) and administered through DCEO’s Office of Entrepreneurship, Innovation & Technology, the Illinois SBDC network provides information, confidential business guidance, training, and other resources for startups and existing small businesses. Services include one-on-one business advising, including business and marketing plan development, financial analysis and planning, access to market information and business financing programs, and business education and training opportunities.

“It’s a privilege to continue serving our business community at a greater capacity with the resources at SBDC,” stated Wolske. “I look forward to facilitating collaborative and inclusive opportunities for small business owners and actively working to reduce barriers within entrepreneurship. I’m excited to listen and connect with our small business community to better support their goals.”

Wolske can be reached at mw@cusbdc.org or 217-531-1991. Visit https://www.cusbdc.org/ to learn more about the Illinois Small Business Development Center at Champaign County EDC.

The Illinois Small Business Development Center at Champaign County EDC is located at 1817 S. Neil Street, Suite 100, Champaign. SBDC meetings, available in person or virtually, are by appointment only. Office hours are Monday through Friday, 8:30 AM – 4:30 PM.

The Illinois Small Business Development Center at Champaign County EDC is funded through a cooperative agreement between the U.S. Small Business Administration, Illinois Department of Commerce & Economic Opportunity (DCEO), and the Champaign County Economic Development Corporation; with additional support provided by EDC of Decatur and Macon County and the Midwest Inland Port.

About Champaign County Economic Development Corporation:

The Champaign County Economic Development Corporation (CCEDC) is a public-private partnership dedicated to fostering a cooperative, county-wide approach to economic development. CCEDC works to improve the economic well-being of all Champaign County through efforts that entail job creation, job retention, tax base enhancements, small business development, and promotion of quality of life. CCEDC brings together community partners to support economic development by aligning interests through productive relationships, open dialogue, and advocacy efforts. Learn more at https://www.champaigncountyedc.org/.

 About Illinois Small Business Development Center (SBDC) at Champaign County EDC:

The Champaign County Economic Development Corporation (CCEDC) is the host organization to the SBDC, a program of the Illinois Department of Commerce & Economic Opportunity (DCEO), which includes an International Trade Center (ITC). The SBDC provides information, confidential business guidance, training, programs, and other resources for startups, existing small businesses, and those who wish to start or sell a business. SBDC services are confidential and provided to hundreds of businesses annually at no cost. Learn more at https://www.cusbdc.org/.

 

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International Trade Center Honored as Presidential “E” Award Recipient for Export Achievements

International Trade Center Honored as Presidential “E” Award Recipient for Export Achievements

39 American Companies and Organizations Receive Highest U.S. Honor for Export Success

CHAMPAIGN, IL, October 26, 2020 – The Champaign County Economic Development Corporation is pleased to announce that its International Trade Center of the Illinois Small Business Development Center at Champaign County EDC has been selected as a recipient of the 2020 President’s “E” Awards for Export Service, the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S exports.

“The International Trade Center has demonstrated a sustained commitment to export expansion, said U.S. Secretary of Commerce Wilbur Ross in his congratulatory letter to the organization. “The “E” Awards Committee was impressed with your organization’s achievement of increases to the export sales of clients working with the International Trade Center. The organization’s client assistance in multiple languages was also particularly notable. The International Trade Center’s achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs.”

The International Trade Center (ITC) of the Illinois Small Business Development Center at Champaign County EDC, led by Mariel Huasanga, a Certified Global Business Professional and seasoned exporter, provides assistance with international trade and exporting.

“Mariel Huasanga and the Illinois SBDC International Trade Center provide exceptional service and support to existing and new Illinois exporters,” said Mark Petrilli, State Director of the Illinois SBDC Network. “Clients of the ITC benefit from Mariel’s tremendous expertise, deep experience and extensive knowledge of international markets and exporting regulations, in addition to her sincere passion to help them succeed.”

The International Trade Center offers information, counseling and training to existing and new-to-export companies interested in pursuing international trade opportunities. Services include evaluation of company’s readiness to export, access to foreign market information, documentation assistance, automated trade leads, linkages with trade representatives, and more.

“Our International Trade Center is one of only eight organizations in the country to receive the “E” Award for Export Service in 2020,” said Don Elmore, Director of the Illinois Small Business Development Center at Champaign County EDC. “Mariel Huasanga’s impact on our International Trade Center, and our organization as a whole, has been incredibly important since she joined us in 2018. She has helped numerous companies improve their international trade operations with her expert counseling and guidance, including helping them secure important resources such as STEP grants, which help companies increase their exports. Most recently, Mariel has helped two area businesses gain valuable recognition through the Illinois District Office of the U.S. Small Business Administration and America’s SBDC.”

In total, Secretary Ross honored 39 U.S. companies and organizations from across the country with the President’s “E” Award for their role in strengthening the U.S. economy by sharing American ingenuity outside of our borders.

“Our organization is convinced of the importance of exporting as a critical driver of economic growth, especially for small businesses,” said Mariel Huasanga, International Trade Center Director of the Illinois Small Business Development Center at Champaign County EDC. “We are honored and humbled to receive this recognition – and it inspires us to continue providing the best support and guidance to potential and current exporters in our region to successfully enter and compete in foreign markets. We are grateful to our clients who trusted us as a key partner in developing and implementing their export strategy; and to our local, state and federal partners.”

American companies and organizations are nominated for “E” Awards through the U.S. and Foreign Commercial Service office network, located within the U.S. Department of Commerce’s International Trade Administration. Record years of successive export growth and an applicant’s demonstration of an innovative international marketing plan that led to the increase in American exports are significant factors in selecting the overall winners.

“I’d personally like to thank Don Elmore, our SBDC Director, and our host, the Champaign County Economic Development Corporation, led by Carly McCrory-McKay, for their strong and ongoing support for our center to continue expanding and improving to better serve our clients,” Huasanga stated. “I also thank Elizabeth Ahern, Director of the U.S. Commercial Service office in Peoria, for supporting our nomination and for her valuable partnership.”

About the “E” Awards

In 1961, President Kennedy signed an executive order reviving the World War II “E” symbol of excellence to honor and provide recognition to America’s exporters. Criteria for the award is based on four years of successive export growth in one or more international markets.

For more information about the “E” Awards and the benefits of exporting, visit www.trade.gov.

 

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Pritzker Administration Awards 50 BIG Grants for Businesses in CU Area

First Wave of Business Interruption Grants Released to 2,655 Small Businesses, Including More Than 50 Percent Minority-Owned and Businesses Hit Hardest by COVID-19 

FOR IMMEDIATE RELEASE
Thursday August 13, 2020

CHAMPAIGN-URBANA – Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) today visited the Champaign-Urbana area to announce $46 million in small business grants have been released to 2,655 small businesses throughout the state – with 50 grants totaling $910,000 for businesses in the Champaign-Urbana area. These grants represent the first round of the Business Interruption Grant (BIG) program – with grants provided to over 400 individual cities and spread across 78 counties. Grant recipients represent a diversity of businesses, as well as business communities hit hardest by COVID-19 related closures.

To ensure ongoing support for Illinois small businesses, the State of Illinois has planned future rounds of funding. BIG represents the largest state-run economic support program in response to the economic hardship caused by coronavirus.

“I’m proud to announce the first $46 million of our $636 million Business Interruption Grant program has been deployed to help nearly 2,700 small businesses in over 400 cities and towns in Illinois. That’s 78 of our 102 counties. The initial focus of these grants has been on businesses that have been most severely impacted by COVID-19 — those that were completely shut down during the pandemic and those that are in COVID-impacted areas that experienced property damage amidst the looting and civil unrest in June,” said Governor JB Pritzker. “Overall, the BIG program will offer at least $270 million in grants to small businesses who have suffered losses due to the COVID pandemic, with a separate $270 million set aside specifically for childcare providers – an essential underpinning of our workforce for countless working families. The federal PPP program seems to have overlooked too many entrepreneurs and small shops, and it was important to me and to the General Assembly to ensure that small businesses – which employ the largest number of people – get the help they need. That’s why we focused on the smallest local businesses, with annual revenues of $3 million or less in this initial round of funding.”

“Under Governor Pritzker’s leadership, BIG is our latest tool in helping businesses with the support they need to maintain operations, support their staff and focus their efforts on a safe reopening in the wake of the crisis,” said Acting Director of DCEO, Michael Negron. “While the first round of BIG will provide a much-needed boost for thousands of businesses around the state, we know there is much more we must do. Through a number of programs launched in recent weeks, and with another round of BIG on the horizon, we will continue to respond to the needs facing our business community and work to provide assistance where it’s needed most.”

First round grants range from $10,000-$20,000 and may be used to help businesses with working capital expenses, including: payroll costs; rent; utilities; and equipment as well as other unexpected costs to mitigate the impact of the pandemic, such as PPE, training, and new technology. Business categories identified in the first round include small businesses in industries that continue to experience economic hardship due to public concerns for health and safety and in areas that sustained setbacks due to property damage and closures as a result of recent civil unrest.

BIG Round 1 grants span a diverse geography, as well as business type – with more than 50 percent of grant recipients reporting they are minority-owned. This breakdown includes 14 percent Black business owners, 25 percent Asian-owned, and 11 percent Latinx-owned. Additionally, more than 600 grants totaling $10 million for downstate businesses. To ensure small businesses were given a priority, grantees were required to prove annual revenues of $3 million or lower.

“The COVID-19 pandemic has placed an immense burden on businesses across our state, and right here in Champaign County,” said Carly McCrory-McKay, Executive Director of the Champaign County Economic Development Corporation. “We’re extremely grateful to Governor Pritzker and the Illinois Department of Commerce and Economic Opportunity for the creation of the Business Interruption Grants Program, supporting 50 small businesses in the Champaign-Urbana area in the first round. These funds will be crucial in helping businesses offset some of the negative impacts of the pandemic, especially the industries heavily restricted or completely shut down.”

From the Champaign-Urbana area, 50 businesses received BIG grants in the first round of funding. Businesses receiving grants include a wide range of industries, including restaurants, retail, personal care services and more. Portions of Champaign County lie within a severe DIA, including the area where both locations of the Wood N Hog BBQ restaurant sit.

“Growing up in the projects, life wasn’t easy for my sister and I so we wanted to build something so that our future generations wouldn’t experience the same struggle,” said Michael McDonald, co-owner of Wood N Hog BBQ in Champaign-Urbana. “When COVID-19 hit, I didn’t feel like I could depend on the banks to save me so I’m thankful to the State for seeing potential in our business, and for dedicating these funds that will allow us to get back to where we were before the crisis.”

More than 5,000 businesses applied for funding, with grantees selected via random lottery.

“In the face of this pandemic, I am proud that over $800,000 will be going to businesses across Urbana-Champaign due to the BIG program,” said State Representative Carol Ammons (D-Champaign). “Local businesses are the soul of our community and when this crisis hit, store and restaurant owners came up with creative solutions to safely stay open and serve their customers. So, when the General Assembly convened in May, I made a promise to my district that I would fight for bold COVID-19 response. This grant program is just that.”

This first round of BIG grants will be followed by future rounds of the program, each offering consideration to business sectors facing the most extreme economic hardship as a result of COVID-19-related closures or diminished operating capacity. Separately, an additional $270 million of the BIG program is set aside for childcare providers, with funding administered by the Illinois Department of Human Services. Childcare providers may apply for these funds until August 14th at this link.

Illinois businesses can learn more about BIG future rounds by following DCEO on social media @IllinoisDCEO or visiting their website. A full list of round 1 business grant recipients is available on DCEO’s website at: https://www2.illinois.gov/dceo/SmallBizAssistance/Documents/BIG-Round1Awardees_08.12.20.pdf

View the full press release here.

Press:

Pritzker visits Urbana restaurant to tout grants for businesses, The News-Gazette

50 businesses awarded Interruption Grants in Champaign-Urbana, WAND 17

Pritzker Visits Urbana To Promote Grants For COVID-Stricken Businesses, Illinois Newsroom

Champaign-Urbana business owners react to BIG funds, FOX Illinois

Gov. Pritzker joins local leaders to announce the first round of Business Interruption Grants, WCIA 3 News

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