Libertyville is getting close to launching its business grant program, and officials have doubled the amount of money expected to be doled out.
As it stands, the village has yet to receive the federal funds to be used for the program, but officials believe it will happen in short order.
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Businesses applying for the Business Stabilization Grant Program now have a chance to receive up to $1,000, which is up from the original $500 trustees approved earlier this year. The increase comes after the Village Board approved the change at its Aug. 10 meeting. This will bring the total cost of the program to $200,000, which is being funded with money the village expects to receive through the federal American Rescue Plan, with the goal to help about 200 businesses in town.
Another minor change to go along with the grant increase includes prioritizing businesses that did not receive other assistance from the state or federal governments, according to village information about the grant program. Some businesses, such as ones with heavy foot traffic, or are owned by women and minority individuals, will receive priority as well.
Director of Finance Nicholas Mostardo said Libertyville is set to receive about $200,000 more in ARP funding than previously anticipated — about $2.7 million total. With the increase in funds, officials decided to double the original $100,000 earmarked in April 2021 for the program, Mostardo said.
Trustees formally approved the program in July, but at that time the village was still waiting on the federal and state governments to unlock the funds for use. The U.S. Dept. of Treasury disburses the money to the state, which issues the funds to local municipalities.
In July, officials did not really have an idea of when the funds would become available. But in recent weeks, the state began doling out federal funds. Libertyville was still waiting as of Monday, but Mostardo said the village is “in line.”
“We’re definitely on the home stretch here,” he said.
At the Aug. 10 board meeting, Village Administrator Kelly Amidei said the village is also encouraging business owners to apply for more than the $1,000 threshold if they have expenses in that amount — in case the village doesn’t have a lot of applicants requesting funds from the program.
“We’ve never done this before,” Amidei said. “So we don’t know how the response will be. We’re trying to be as flexible as we can while running the program.”
Trustee Daniel Love said at the Aug. 10 meeting he liked that the program is prioritizing smaller businesses, and minority- and women-owned enterprises.
Trustee Scott Adams said he thought it would help those businesses in particular that haven’t benefited from state and federal money. He referenced businesses he thought missed out on previous funds available.
“I’m glad to see this happen,” Adams said.
