Metro East Sun

The Illinois Department of Commerce and Economic Opportunity (IDCEO) has announced the availability of $30 million in funding to rejuvenate commercial and downtown areas throughout the state. The Rebuild Illinois Downtowns and Main Streets Capital (RDMS) program and the Research in Illinois to Spur Economic Recovery (RISE) program aim to expedite local economic recovery efforts, offering support to communities grappling with economic challenges.

Grant recipients for both programs will be selected through a competitive Notice of Funding Opportunity process. Eligible institutions include economic development organizations (EDOs), local government units, as well as private for-profit and non-profit businesses. Applicants must demonstrate consistent alignment with relevant local or regional economic development plans and provide letters of support from community investors and elected officials.

The RDMS program has been allocated $20 million and is designed to stimulate economic activity and enhance the quality of life for communities facing economic disinvestment. This funding round supplements the previous $106 million in grants awarded in 2022. Projects eligible for RDMS grants must be located in commercial centers or downtown areas and may encompass a variety of enhancements, such as infrastructure upgrades, public space improvements, sustainability initiatives, and mixed-use development projects.

Meanwhile, the RISE Implementation Program has been granted $10 million to support economic projects identified in plans from RISE Local and Regional Planning grants. These projects are aimed at accelerating economic recovery from the COVID-19 pandemic and can include both capital and non-capital projects, ranging from infrastructure enhancements to tourism promotion.

Qualifying entities are limited to one application submission and are required to demonstrate how their project will stimulate economic growth and overcome existing barriers. Grant awards range from $250,000 to $2 million, with local government units expected to match a minimum of 25% of the grant amount, while other applicants are encouraged to match 50%.

Interested parties can contact CEO.GrantHelp@illinois.gov. Visit the DCEO website for more information or to apply for the grant.