Cook County's push to drive economic growth has taken a substantial leap forward with the announcement of the Catalyst Grant program, detailed in a recent news release by County Board President Toni Preckwinkle. This initiative grants a boost to local businesses that are ready to expand their operations, offering a financial push to up to 88 businesses in the region, each potentially receiving an amount of $100,000.
Applications have been invited from businesses located in Cook County, with data revealing that the county has been pouring money into the local economy, having invested $67 million in 4,700 small businesses since 2021, the attention now shifts towards more established enterprises which in the past two years, have shown documented revenue between $500,000 and $10 million and displayed progressive growth each of the businesses that secure the grant must ensure that their grant funds are allocated to employee hiring or training, upgrading facilities or expanding their operations, with a deadline set for October 31, 2025, at 5 p.m. CT.
In her statements, President Preckwinkle highlighted the significance of supporting businesses on the edge of growth, describing the grant as a tailored opportunity that can speed up the trajectory toward sustainable success. Preckwinkle's commitment to bolstering the economy and strengthening community ties is evident as she underscores the role of local businesses as the "backbone" of the economic landscape.
The industries targeted for this program include construction, finance and insurance, information technology, manufacturing, professional services, and real estate. This selection is based on a mix of factors, such as growth trends, profitability, and the prevalence of these industries within the county. Critically, the program administrators, Allies for Community Business and the Women’s Business Development Center, are positioned to guide businesses through the grant application process, with both organizations being integral parts of The Cook County Small Business Source, offering necessary business support at no cost.
Leaders of business and community organizations have voiced their support for the Catalyst Grant program, with Derek Douglas, president of the Civic Committee of the Commercial Club of Chicago, recognizing the investments as a fuel for county-wide business growth, and Jaime di Paulo, president and CEO of the Illinois Hispanic Chamber of Commerce, calling attention to the nearly 100,000 Hispanic-owned businesses in Cook County and the positive impact that surpassing the 20-employee mark can have on growth and closing the wealth gap. According to di Paulo, the grant is a significant step toward creating "generational prosperity" and promoting inclusive economic development, especially poignant during Hispanic Heritage Month.
Further assistance for interested applicants is within reach through The Source’s network of 13 Business Support Organizations; additionally, they can access a help desk along with various online resources, including a video that explicates the application process for applicants. Notifications of application status will be sent out in December 2025, and the grants are scheduled for distribution in the spring of 2026.
