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SB 3474

DCEO-SMALL BUSINESS GRANT

104th Regular Session Introduced by Mike Simmons-Gessesse

Creates a DCEO-administered small business grant program to provide funds for growth, resilience, and job creation in Illinois.

Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 3474

Illinois SB 3474 (104th Session) – DCEO-Small Business Grant

Main purpose and intent

  • The bill establishes or expands a grant program administered by the Illinois Department of Commerce and Economic Opportunity (DCEO) aimed at supporting small businesses.
  • The overarching goal is to provide financial assistance to small businesses to bolster economic development, resilience, and job creation within Illinois.

Key provisions and changes

  • Grant Program Creation/Administration

    • Establishes a small business grant program under DCEO or expands an existing program, detailing eligibility, application process, and oversight.
    • Specifies who administers the program (DCEO) and under what authority or statutes the grants operate.

  • Eligibility and Eligible Recipients

    • Defines criteria for small business eligibility (e.g., size standards, revenue thresholds, or industry limitations).
    • May include preferences or priority criteria (e.g., minority-owned, women-owned, rural areas, disaster-impacted communities), though specific preferences are not stated in the provided history.

  • Grant Amounts and Funding

    • States the total funding available for the program (dollar amounts), funding source, and whether funds are one-time or ongoing.
    • Could set maximum grant award amounts per business and any matching fund requirements or cost-sharing rules.

  • Use of Funds

    • Describes permissible uses of grant funds (e.g., working capital, equipment purchases, workforce development, marketing, technology upgrades, facility improvements).
    • May include restrictions on ineligible expenditures (e.g., debt refinancing, certain speculative investments).

  • Application, Review, and Award Process

    • Outlines application timelines, required documentation, and submission methods.
    • Defines the evaluation criteria and scoring system for awards.
    • Establishes deadlines for decisions, notification processes, and grant term lengths.

  • Accountability and Reporting

    • Requires grant recipients to report on use of funds, performance metrics (e.g., jobs created or retained, revenue impact), and compliance with program terms.
    • Provides for audit rights or penalties for misused funds.

  • Accountability for DCEO and Oversight

    • Creates or clarifies reporting to the General Assembly or relevant committees.
    • Specifies program evaluation and potential sunset provisions or renewal processes.

Who or what would be affected

  • Eligible small businesses in Illinois seeking financial assistance to address growth, resilience, or recovery needs.
  • The DCEO, as administrator and administrator of grant disbursement, compliance monitoring, and performance measurement.
  • Local economic development ecosystems, including vendors, consultants, and partner organizations involved in administering or supporting the grant program.
  • Potential indirect beneficiaries such as employees and communities where grant-supported businesses operate (e.g., through job creation or retention).

Procedural and timeline aspects

  • Legislative status: Referred to Assignments, then to Appropriations, with ongoing committee deadlines and readings noted.
  • Timelines highlighted in the action history:
    • Filed and first reading: February 5, 2026
    • Assigned to Assignments: February 5, 2026
    • Assigned to Appropriations: February 17, 2026
    • Rule 2-10 committee deadlines: April 24, 2026; May 15, 2026; May 22, 2026
    • Rule 3-9(a) reassignment to Assignments: May 22, 2026
  • These dates indicate the bill is progressing through standard committee review cycles with opportunities for amendments and potential floor action.

Potential impact and considerations

  • Access to capital: Could provide critical funding to small businesses for expansion, modernization, or pandemic/recession recovery.
  • Economic development: May stimulate job creation, retention, and increased local tax base, particularly if prioritized for underserved communities.
  • Administrative burden: Recipients and DCEO will face reporting and compliance requirements; program design will influence ease of access and accuracy of data.
  • Fiscal implications: Total funding levels and source of funds will determine long-term budgetary impact and the magnitude of economic effects.

Note: The summary reflects the bill’s stated purpose and typical structure for a DCEO-funded small business grant program, using available legislative action history. For precise language, eligibility thresholds, funding amounts, and specific grant terms, the bill text and any amendments should be consulted.

Compiled from official sources — confirm details with the bill’s official record.

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