- Published: Monday, May 09, 2022 10:50 AM
CHICAGO – Over 280 businesses in the 1st Senate District were awarded more than $11 million in funding from the Back to Business program thanks to advocacy and support from Assistant Majority Leader Tony Munoz.
“Businesses have fought to keep their doors open,” said Munoz (D-Chicago). “Local businesses are continuing to get back on their feet after a financially tough few years.”
A total of $11.115 million was awarded to 282 businesses in the 1st District. The B2B grants are awarded by the Illinois Department of Commerce and Economic Opportunity 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 Senator Munoz – 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.
“Small businesses are the backbone of our communities,” Munoz said. “Let’s continue shopping local to show our support for small businesses.”
With strong leadership from Munoz, the state has seen six Illinois’ General Obligation bond rating upgrades in the last year from all of the nation’s primary credit rating agencies. The latest two-notch upgrade comes from Fitch Ratings, 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.