In Focus: Some schemes, initiatives & grants available for women entrepreneurs in Illinois
#WomenInBusiness #IllinoisEntrepreneurs #EmpowerHer #WomenLead #IllinoisBusiness #StartupSuccess
Are you ready to transform your innovative idea into a thriving business? The Land of Lincoln, renowned for its rich history and diverse landscapes, offers fertile ground for women entrepreneurs. Whether you’re in the bustling streets of Chicago or the serene countryside of the Prairie State, Illinois is a haven for aspiring businesswomen. The state’s commitment to fostering entrepreneurship is fairly evident through a robust network of resources tailored specifically for women entrepreneurs.
From Dreams to Reality: Unleashing the Power of Illinois for Women in Business
In Illinois, there’s no shortage of opportunities to fuel your business dreams. From small business grants that provide essential funding to mentorship programmes that guide you every step of the way – the state is equipped to support you through every phase of your entrepreneurial journey.
Moreover, Illinois is home to several initiatives aimed at leveling the playing field for women in business. Whether you’re looking to scale your startup or navigate the complexities of running a business, Illinois provides the tools, knowledge & financial backing necessary to help you succeed. By leveraging these resources, you can transform your innovative concept into a successful enterprise that not only thrives in Illinois but also contributes to its vibrant economy.
So, if you’re a woman with a vision, Illinois is ready to help you turn that vision into reality. With the right resources at your fingertips, the Prairie State could be the perfect place for your business to flourish.
Now, let’s explore the resources like schemes, initiatives & grants available for women entrepreneurs in Illinois.
> Women’s Business Development Center
Illinois’ business-friendly and equality-oriented environment helps to empower women – to develop and run their own businesses.
Women-owned businesses have proved to be an incredible driving force in the Illinois economy. And today, across America and across Illinois, businesses run by women do it really better and is more productive. The Women’s Business Development Center has made great strides in vastly expanding economic opportunities for women.
> WE Hub
The first of its kind in Illinois, WE Hub provides very comprehensive business resources to women entrepreneurs, across the state.
As the first statewide entrepreneurship hub in Illinois focused on women, WE Hub seeks to curate the ring of resources and services available throughout the state, and bring it all into one space – thus giving women the options, resources & tools to help take the path to entrepreneurship.
This initiative will empower more Illinois women to improve their financial security, build their wealth, and achieve their own vision of success through entrepreneurship.
https://womenemployed.org/press-release/women-employed-launches-womens-
entrepreneurship-hub/
Illinois Government Agencies
> State of Illinois Business Services
The State of Illinois supports all your needs with this central business services hub that helps you manage all aspects of your business.
Business services include – resources for starting, running, expanding, relocating & closing a business; business name search and online filing; selling your products or services to the state; sales taxes; and registering a business.
> Illinois Office of Minority Economic Empowerment – OMEE
The Office of Minority Economic Empowerment (OMEE) is committed to providing minority women, persons with disabilities & veteran-owned small businesses and entrepreneurs across the state – with equitable access to opportunities & resources.
Through dynamic partnerships, targeted outreach and tailored programs and initiatives, OMEE aims to create – an inclusive business ecosystem for communities that have traditionally faced systemic barriers to entry and growth. This investment spurs local economic development in underserved areas resulting in a revitalized and thriving Illinois economy.
The facilities of the office are many. It provides business assistance and one-on-one support; it connects individuals to business resources and opportunities; it develops strategic partnerships to support the business ecosystem; celebrates and amplifies our cultural diversity & drives equity-centered programs and policies.
> Illinois Small Business Administration – SBA
The SBA’s Illinois district office provides a number of services including – funding programmes, counseling, federal contracting, certifications & disaster recovery. They can also connect you to partner organizations, lenders, and other community groups that help small businesses succeed.
The main district office in Chicago serves Boone, Bureau, Carroll, Cook, DeKalb, DuPage, Ford, Grundy, Henry, Iroquois, Jo Daviess, Kane, Kankakee, Kendall, La Salle, Lake, Lee, Livingston, Marshall, McHenry, Mercer, Ogle, Putnam, Rock Island, Stark, Stephenson, Whiteside, Will, and Winnebago counties.
State of Illinois Commission on Equity and Inclusion – Business Enterprise Program
The Business Enterprise Program (BEP) for businesses owned by minorities, women, and persons with disabilities is committed to fostering an inclusive, equitable and competitive business environment that will support underrepresented businesses to increase their capacity, grow revenue, and enhance credentials.
Certification benefits include being listed in a public online directory used by State Procurement Officials and Prime Vendors promotes visibility, thereby increasing the opportunity for bidding on State contracts with BEP goals. It is recognized by other municipalities and organizations to meet their supplier diversity initiatives and it’s free.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-illinois
Illinois Agencies & Non-profit Organizations
> Women’s Business Development Center – WBDC
The WBDC Illinois offices support and accelerate business development and growth, targeting women and serving all diverse business owners – in order to strengthen their participation in, and impact on, the economy.
The services provide include:
Coaching and Education: Strategic one-on-one and group business advising; Specialized cohort-based curricula and workshops & Digital learning
Contracts: Private sector procurement opportunities; Public sector contracting assistance & WBE (Women’s Business Enterprise) certification
Capital: Financial education; Debt and equity placement; Direct lending & Kiva microlending
> Illinois Small Business Development Center – SBDC
Illinois Small Business Development Centers (SBDC) are located throughout the state and they provide information, confidential business guidance, training, and other resources for start-ups and existing small businesses.
Services Include: One-on-one business advice and management assistance; Assistance with the development of business plans; Help with accessing market information and the development of marketing plans; Assistance with accessing business financing programs; Assistance with financial analysis and planning; Business education and training opportunities & Specialized services in technology, innovation and entrepreneurial development
Illinois International Trade Centers (ITC) provide assistance with international trade and exporting. The centers offer 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
In addition to the primary state office in Springfield, there are additional office locations
across Illinois in Aurora, Bloomington, Carbondale, Champaign, Chicago, Crystal Lake,
Danville, Dixon, Edwardsville, Forest Park, Glen Ellyn, Grayslake, Harrisburg, Macomb,
Moline, Noble, Ottawa, Palos Heights, Peoria, Richton Park, Rockford, and
Schaumburg.
> SCORE – Central Illinois
To elaborate, SCORE Central Illinois in Peoria is a group of experienced business professionals, who provide guidance to people who want to start a new business or to assist existing small businesses in improving their profitability. SCORE Central Illinois serves Fulton, Grundy, Knox, LaSalle, Livingston, Marshall, Mason, McLean, Peoria, Putnam, Stark, Tazewell, Warren, and Woodford counties.
SCORE’s volunteers are successful real-world business professionals, who help existing and startup businesses succeed. The Volunteers have experience in accounting, finance, human resources, consulting, import/export, law, operations, production, retail, wholesale, manufacturing, sales, marketing, management, business plan preparation, strategic planning, and many other business disciplines.
The organization provides:
– Volunteer mentors who share their expertise across many industries
– Free, confidential business mentoring in person, via email, or by video
– Free business tools, templates, and tips online
– Inexpensive or free business workshops and webinars
> National Association of Women Business Owners – NAWBO Illinois
NAWBO works to strengthen the wealth-creating capacity of members & promote economic development within the entrepreneurial community. The NAWBO Institute forms the organization’s educational arm – offering training and educational development opportunities that ensure NAWBO members are equipped with the tools and resources they need to succeed at any size or stage of development. Illinois chapters of the National Association of Women Business Owners are located in Chicago and Peoria.
Incidentally, NAWBO Chicago is the largest of NAWBO’s more than 60 chapters in the U.S. It provides women business owners with leadership, education and networking opportunities amid a community of fellow women business owners.
Member companies vary in size from one employee to several hundred with 17% of members having 10 or more employees. The Chapter’s membership represents businesses in all major industrial, service and retail sectors.
NOTE: Central Illinois NAWBO members in Peoria represent businesses from solo-preneurs to those with hundreds of employees. Members hail from every business industry and represent all areas of the Central Illinois. Membership is open to sole proprietors, partners, and corporate owners with day-to-day management responsibility.
Members can access a variety of opportunities, products and services that will help their business achieve greater visibility, credibility, and profitability while building a strong network of other women-owned businesses in the region.
> SCORE – Chicago
SCORE Chicago is a group of experienced business professionals, who guide those desiring to start a small business or assist existing small businesses in improving their profitability.
Volunteers provide expertise and support in areas such as – accounting, finance, human resources, consulting, import/export, law, operations, production, retail, wholesale, manufacturing, sales, marketing, management, business plan preparation, strategic planning & many other business disciplines.
With SCORE by your side, you definitely don’t have to go it alone. SCORE has helped a huge number of women entrepreneurs, who have struck success in their small businesses.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-illinois
Funding – State and Federal Sources
> U.S. Small Business Administration
Here you get loans, investment capital, disaster assistance, surety bonds & grants – to start and grow a business as well as to recover from a disaster.
State of Illinois Grant Opportunities
The Illinois Department of Commerce & Economic Opportunity’s mission is – to support and maintain a climate that enables a strong economy. Their grant programmes support this mission – by providing funds to organizations throughout Illinois for many different purposes.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-illinois
> Illinois Department of Commerce and Economic Opportunity (DCEO)
DCEO is committed to collaborating – to continue to strengthen the state’s entrepreneurship ecosystem to empower, connect, and advance women-owned businesses and future women entrepreneurs and founders to help them thrive in Illinois
DCEO’s Office of Minority Economic Empowerment (OMEE) works to create an inclusive business environment for communities – that have faced systemic challenges to growth, including women business owners and entrepreneurs, as well as businesses owned by people of color. OMEE also hosts many events and provides year-round support to women-owned businesses, including connection with grants, technical assistance, and incentives to bolster women entrepreneurs and women-owned enterprises.
In March 2024, the Illinois Department of Commerce and Economic Opportunity (DCEO) launched its annual Women’s HERstory Month campaign — developed to celebrate and support women-owned businesses, entrepreneurs and future female founders throughout Illinois. As part of the month-long celebration, DCEO hosted events, launching a social media campaign & sharing new resources to elevate and promote Illinois’ entrepreneurial women.
DCEO prioritizes creating an equitable business environment through targeted initiatives and resources like – the Connecting HER to Illinois Business Resources Guide which includes cross-sector resources available throughout Illinois for women-owned businesses.
https://www.illinois.gov/news/press-release.29692.html
> Toolkit for Entrepreneurship: Women Entrepreneurs
This guide was created by Becky Smith. And, it has all details of starting a business, networking, podcasts, publications, finding sources, Business Contests, books and a lot more.
https://guides.library.illinois.edu/c.php?g=1161865&p=9075778
> Amber Grant
The Amber Grant for Women provides – at least $30,000 per month to female entrepreneurs. Each month, the organization awards a $10,000 Amber Grant, for any type of women-owned business, a $10,000 Start Up Grant, for businesses that are in the ‘idea phase,’ and a $10,000 Business Category Grant for a business in specific category. The category changes each month – for example, in January 2024 it was skilled trades, in February it is health and fitness, in March it is food and beverage.
NOTE: You can check the website to see when your business is eligible. Finally, there are three year-end grants of $25,000 each, one for one of the twelve monthly winners in each of the three grant types.
Applications are accepted on a rolling basis and awards are made at the end of each month, with grantees selected from those who applied that month. The Amber Grant application is simple and can be completed quickly, so applying for this grant is an easy task.
https://www.hiscox.com/blog/15-small-business-grants-women-entrepreneurs
Avtar Madan
Himanshu
Shree Lahiri
