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Cook County launches 2023 Source Grant to support small businesses

Cook County President Toni Preckwinkle and the Cook County Bureau of Economic Development have recently announced the launch of the 2023 Source Grant. This grant program, operated through the Cook County Small Business Source initiative, aims to provide support, growth, and elevation to small businesses, which form the backbone of Cook County’s economy.

The 2023 Source Grant is a substantial endeavor that plans to allocate $40 million in grants to thousands of small businesses across the county by early 2024. The funds for these grants will be provided by the American Rescue Plan Act. According to a news release, applications will remain open until Aug. 18, 11:59 p.m.

Considering the challenges faced by Cook County’s small businesses since the start of the pandemic, President Toni Preckwinkle expresses optimism about the 2023 Source Grant, stating, “Cook County’s small businesses have faced unprecedented challenges since the onset of the pandemic. The 2023 Source Grant will help them reset and thrive… providing not only the funds small business owners need but also the business coaching critical to sustainable growth.”

Eligible small businesses can apply for the grant if they have been operating in Cook County before 2020 and have fewer than 20 full-time employees. While the program is open to all small businesses within the county, priority will be given to suburban Cook County businesses, businesses owned by veterans, and businesses in sectors most affected by the COVID-19 pandemic, as designated by the U.S. Treasury. These sectors include arts and entertainment, childcare and social assistance, hospitality, food and tourism, retail trade, transportation, and warehousing.

The 2023 Source Grant offers two levels of grant awards for applicants. Businesses with a gross revenue between $20,000 and $50,000 in 2019 are eligible for a $10,000 grant, while businesses with a gross revenue exceeding $50,000 in 2019 can apply for a $20,000 grant.

To apply for the grant, interested businesses should visit cookcountysmallbiz.org/sourcegrant. The website provides detailed information about documentation requirements, upcoming webinars, and help sessions.

How can AI legalese decoder assist in this situation?

In situations like the launch of the 2023 Source Grant, AI legalese decoder can play a crucial role in facilitating the application process for small businesses. The complexity of legal terminology and documentation requirements can often be overwhelming for entrepreneurs and small business owners.

With the AI legalese decoder, entrepreneurs can easily decode and understand legal texts, ensuring they meet all the necessary documentation requirements for the grant application. This AI-powered tool simplifies legal jargon, breaking down complex language into plain and understandable terms.

Furthermore, the AI legalese decoder can provide guidance and assistance through webinars and live events, helping small business owners navigate the application process effectively. Additionally, its extensive library of resources can support entrepreneurs at every stage of their business journey, from start-ups to seasoned professionals.

By utilizing the AI legalese decoder, small business owners can confidently apply for the 2023 Source Grant, ensuring they submit all the necessary documentation accurately and on time. This valuable resource empowers entrepreneurs, ultimately contributing to their success and the economic growth of Cook County.

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