North Egypt News

Businesses in Mt. Vernon impacted by the COVID-19 pandemic are now eligible for working capital grants of up to $25,000 through the Downstate Small Business Stabilization Program.

Established by the State of Illinois, the program aims to provide working capital to businesses for 60 days.

“The City is the actual applicant to the State of Illinois,” City Manager Mary Ellen Bechtel told The Weekly. “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.”

Eligibility requirements for access to the funds include having working capital expenses, such as employee salaries, general operating expenses, inventory and advertising/marketing expenses.

According to Jefferson County Development Corporation Executive Director Tony Iriti, other requirements for businesses interested in applying include having fewer than 50 employees, but at least one full-time employee other than the owner, and an acknowledgment that the funds are to be used to assist private, for-profit businesses considered non-essential by the Governor’s Executive Order. Businesses should lack the ability for employees to work remotely.

Those interested in applying for the grant can call the Jefferson County Development Corporation at 618-244-3554 or download the application from either the City of Mt. Vernon website or the Jefferson County Development Corp. website.