Notice of Funding Opportunity for Incubators & Minority Owned - - PowerPoint PPT Presentation

Notice of Funding Opportunity for Incubators & Minority Owned Small Businesses

What’s Happening?

• The Office of Minority Economic Empowerment

posted a $10 million Notice of Funding Opportunity (NOFO) for minority-owned businesses and a $5 million NOFO for incubators who serve or will serve minority-owned businesses.

• Goal of the NOFOs is to give minority-owned

businesses the resources they need to create jobs, build capacity, increase revenue and grow.

• Grants for minority-owned businesses are up to

$500,000 and grants for incubators are up to $250,000.

Who is eligible for the grants up to $500,000?

• Minority-owned businesses, including start ups,

located in low-to-moderate income areas.

• Applicants must show that their proposed

project will create economic development in low-to-moderate income areas.

• Note: businesses cannot apply for a grant until

they have pre-qualified through the Grant Accountability and Transparency Act (GATA) Grantee Portal. (www.grants.Illinois.gov)

Who is eligible for the grants up to $250,000?

• Entities that serve or will serve as incubators for

minority-owned businesses that can demonstrate their presence in a low-to- moderate income area will increase visibility of the minority-owned businesses serving or planning to serve the area.

• Note: entities cannot apply for a grant until they

have pre-qualified through the Grant Accountability and Transparency Act (GATA) Grantee Portal. (www.grants.Illinois.gov)

Project Requirements

• Funded projects must meet bondable requirements set forth

in 30 ILCS 425 of the Build Illinois Bond Act of 1972.

• Specific projects include, but are not limited to:
• The renovation or expansion of existing buildings
• Purchase of real property & new construction
• Purchase of essential equipment
• Rehabilitation of publicly-owned real property
• Installation of public facilities (i.e. – sidewalks)
• Minority-owned business applicants are eligible for up to

$500,000. Incubator applicants are eligible for up to $250,000.

How to Apply

• All applicants are required to:
• If you haven’t already, register with the Grant Accountability

and Transparency Act (GATA) grantee portal at www.grants.Illinois.gov (required annually).

• Businesses must be registered in the System for Award

Management before submitting an application. To register go to www.SAM.gov and maintain an active account.

• Provide a valid DUNS number in the application.
• Be in good standing with the IL Secretary of State.
• Complete the Fiscal and Administrative Risk Assessment.

How to Apply, cont.

• Grant application forms are available on the DCEO website:

http://www.Illinois.gov/dceo.

• All applications must contain:
• Uniform Grant Application in fillable PDF format
• Uniform budget utilizing the template provided by DCEO
• Conflict of Interest Disclosure
• Mandatory Disclosures
• Project Narrative
• Applying is not a guarantee of funding.
• All applications must be submitted electronically to

ceo.accountability@Illinois.gov by 5pm CST on June 30, 2019.

Grant Lifecycle

Pre-Reward Requirements Application Submission/Review Active Grant

• Valid DUNS number
• Current SAM.gov

account

• Not be on the Federal

Excluded Parties list

• Be in Good Standing

with the Illinois Secretary of State

• Not be on the IL Stop

Payment List

• Fiscal and

Administrative Risk Assessment NOTE: can all be found at www.grants.Illinois.gov

• Merit Review Committee
• Programmatic Risk

Assessment Questionnaire

• Accepted Applicants will

Receive Notice

• Grant Agreement

Execution NOTE: application and information above can be found on the Catalog of State Financial Assistance (CSFA)

• Grant funds are paid on a

reimbursement basis, except an initial advance, up to 25% of total funds

• Grant funds will be

disbursed quarterly and disbursements must be for eligible expenses

Questions?

• Contact the First Stop Business Information Center hotline at: 1-800-252-

2923.

• Follow DCEO on Social Media:
• Twitter: @IllinoisDCEO
• Facebook: @illinoisdceo
• LinkedIn: Illinois Department of Commerce & Economic

Opportunity