The city of Peoria’s Economic Development Department launched the RISE (Recovery, Income, Startup, Expansion) program on May 10 to provide financial relief to businesses and start-ups impacted by the COVID-19 pandemic. Consideration was first given to businesses that applied under the “Recovery” category. The funding came from the American Rescue Plan Act.
Staff from the Economic Development Department will notify grant recipients this week. Thirty-six businesses in all five districts will be awarded RISE grants totaling over $400,000. Businesses range from hospitality/restaurant to technology. Seventy percent of the qualifying businesses are minority-owned, woman-owned, and/or veteran-owned. A full list of recipients may be found below. Awardees will be contacted by email.
The Economic Development Department received over 300 applications during the submission period. Due to the overwhelming response, City staff will return to the City Council to request additional funding from the American Rescue Plan Act to fulfill existing submissions in the “Income”, “Startup”, and “Expansion” categories.
Recovery RISE Grant Awardees (Round 1)
The Recovery, Income, Startup, and Expansion (RISE) Program is intended to assist Peoria businesses the most impacted by the COVID-19 pandemic. The Program consists of four categories and businesses can receive funding of up to $50,000 within each category.
- Recovery/Income Support – Intended to recover lost revenues for businesses in operation that closed and planned to reopen or have continued to operate throughout the pandemic.
- Startup Support – Assistance for new businesses established in the last 12 months or within three months of applying.
- Expansion Support – For businesses looking to expand operations through real estate improvements, equipment, and the expense of hiring employees.
Grant eligibility is determined by:
- Businesses impacted/disproportionately industry.
- Disproportionately impacted industries based on the location within of City of Peoria boundaries.
For an example of a Business Plan, please review the SBA Guide for recommended contents of a Business Plan