Funding Options

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Last Updated: Oct 21, 2024, 04:30 PM

As many of the Covid-relief programs have closed, there are other opportunities for small businesses that can help you access capital or relief funding to help with the future growth of your company.

Here are a few programs you may want to consider:

  • Advantage Illinois Loan Program: Participating loan program for Illinois small businesses that are creating jobs.
  • Small Business Association 7A Loan Program: SBA’s most common loan program includes financial help for small businesses, short- and long-term working capital, options to refinance current business debt, and/or opportunities to purchase furniture, fixtures, and supplies.
  • ISTEP Grant Program: Illinois' State Trade and Export Promotion (ISTEP) program provides Illinois' small businesses with both financial and technical assistance to increase their exports.
  • The Illinois Innovation Voucher Program is a state initiative offering funding to small businesses for collaboration with Illinois-based universities and labs on innovative projects.
  • Your bank likely offers commercial loans and the IL Small Business Development Center at SIU can help with business plans and projections to better prepare you for the loan application process.

USDA Opportunities
The USDA’s goal is to improve the economy and quality of life in rural America; most, if not all of southern Illinois is considered rural for this purpose. The USDA has many programs to help rural Americans in several ways. They offer loans, grants, and loan guarantees to help create jobs and support economic development.

The Community Navigator Program is made available at no cost from funding through the Illinois Department of Commerce and Economic Opportunity and Greater Egypt Regional Planning and Development Commission.

To learn more about our services or set up an appointment, contact bizhelp@siu.edu or 618-536-2424.