MT. VERNON, IL — The City of Mt. Vernon has decided to participate in the Downstate Small Business Stabilization Program established by the State of Illinois to provide working capital funds to businesses economically impacted by COVID-19. The program makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000.
According to Mary Ellen Bechtel, City Manager, “The City is the actual applicant to the State of Illinois. There is one completed application for each supported business. Although there are several steps to this grant, like most grants, it could be very beneficial to businesses that have experienced a significant downturn or even closure of their business due to COVID-19.”
Eligible activities for the use of the funds includes working capital expenses, such as employee salaries, general operating expenses, inventory and advertising/marketing expenses. Costs incurred prior to the date of the grant award are not reimbursable under this grant program. The purpose is of this grant is to help companies continue business or to restart their business if they have been closed due to COVID-19.
Tony Iriti, Executive Director of the Jefferson County Development Corporation will be accepting the applications from the businesses and working with the City of Mt. Vernon to complete each application. “This program is for businesses with less than 50 employees. Businesses cannot apply directly to the State of Illinois and generally these funds may be used to assist private for-profit businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely. They must have at least one fulltime equivalent employee other than the owners.”
For more information contact the Jefferson County Development Corporation at 618-244-3554 as soon as possible and download the application from either the City of Mt. Vernon website at www.mtvernon.com/public-announcements or the Jefferson County Development Corporation website at www.jeffcodev.org.