March 18, 2021 – The Illinois Department of Commerce and Economic Opportunity (DCEO) announced that 2020 was a record year for business support provided through the Illinois Small Business Development Centers (SBDCs) – with over 41,000 business owners receiving support through the program.
“Without question, small businesses here in Illinois and across the country are facing unprecedented challenges due to COVID-19 – which is why the State of Illinois has stepped in to meet businesses where they are with resources and relief needed to help owners and entrepreneurs navigate the crisis and get back on their feet,” said Governor JB Pritzker.“Our investments to expand the successful Illinois SBDC program have paid off, with a record number of small businesses receiving the support, including an expansion of services in our most vulnerable communities, and over $150 million in relief realized due to the help they received. With the ongoing impact of COVID-19 on our economy, the SBDCs will continue to play a pivotal role in helping small businesses navigate their future and tap into additional funds afforded by the passage of the federal American Rescue Plan.”
Overall, investments to expand the program last year resulted in more than $150 million in financing provided to small businesses as a result of SBDC counseling received. The SBDCs will assist small businesses with tapping into funding made available to small businesses through the federal American Rescue Plan.
The state recognizes 2020 as a record-breaking year for the small business development centers – supporting more clients than ever before and contributing to 170,000 new business starts in Illinois last year, according to the U.S. Census Bureau. The Illinois SBDC Network is directly responsible for the following impacts last year:
• More than 41,000 small businesses served overall – more than double the number served in 2019
• More than 6,700 minority owned businesses receiving services – 28 percent increase over last year
• More than 8,000 women owned businesses receiving services – 8 percent increase over last year
• Over 12,400 businesses located in downstate communities – 40 percent increase over last year
To date, DCEO has engaged more than 10,000 businesses one-on-one through the latest round of PPP, contributing to Illinois’ top-five spot in the nation for PPP loans and grant dollars – with over $9 billion and 162,000 loans awarded to Illinois firms so far this round.
