Rockford City Hall building

The city of Rockford has launched a program featuring up to $25,000 in forgivable loans for local businesses to expand operations and encourage job creation for low- to moderate-income individuals.

“The city of Rockford is excited to announce this new program with $125,000 in available funds,” said Mayor Tom McNamara in a statement. “This offering is unique as it delivers funding to local businesses and creates new jobs for our citizens. It’s a win-win. We take pride in providing business owners with a financial opportunity to grow right here in Rockford.”

The program offers a 50/50 match up to $25,000 in gap funding for business enhancement and growth projects. Designed for for-profit businesses located within designated census tracts in Rockford, the application period closes June 23.

Rockford expects to award up to five loans of up to $25,000 each.

Funding for the program is provided via a Community Development Block Grant aimed at supporting development activities to build stronger and more viable urban communities by expanding economic opportunities, principally for low- to moderate-income people.

For program eligibility, applicants must be a for-profit business established on or before May 1 and  located in a commercial- or industrial-zoned area within Rockford municipal boundaries in an eligible census tract.

Eligible projects include equipment purchases, expenses associated with business expansion and projects that enhance employment of low- and moderate income persons.

Construction, property purchases or new leases or funds for community promotional projects are not eligible.

Non-profits, home-based businesses or companies created after May 1 are not eligible. Nor are businesses that primarily engage in speculative activities that develop profits from fluctuations in price rather than through normal course of trade.

If a business is located within the city, but not in the identified area, contact Anna Garrison (Anna.Garrison@RockfordIL.gov) to discuss alternative requirements needed to apply

Interested businesses can apply online at www.Rockfordil.gov/BusinessGrowthProgram through June 30. Applicants must provide a complete application and submit all required documents prior to the deadline for program consideration.

Those who need technical assistance can contact Francisca French, Economic Development Diversity and Procurement Coordinator, at  Francisca.French@RockfordIL.Gov.

Requests for technical assistance must be made by June 9.