The Downstate Small Business Stabilization Program saw its first stage of applicants from Mt. Vernon get approved by the City Council at Monday night’s meeting. The grant funds originated from the US Department of Housing and Urban Development’s Community Development Block Grant.
City Manager Mary Ellen Bechtel said the criteria, eligibility and additional requirements are state and federally decided.
The partnership requires the city to submit grant applications on behalf of eligible businesses and, if awarded, the city will then reimburse allowable costs to each benefiting business.
Tony Iriti, Executive Director of the Jefferson County Development Corporation, will accept the applications from the businesses and work with the city to submit each application.
Soon after Council approval, the applications are submitted to the Illinois Department of Commerce and Economic Opportunity (DCEO) for review. DCEO estimates it will take approximately 30 days to review the applications.
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