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The University of St. Francis in Joliet has a $500,000 grant to help small businesses get moving.
The money from the U.S. Small Business Administration will fund an accelerator program primarily aimed at helping small businesses owned by minorities, women and veterans categorized as underserved.
“We have begun the operation of accepting applications,” said Shannon Brown, dean of the USF College of Business and Health Administration.
Brown said the USF Small Business Accelerator program hopes to see its first applications in the next couple of weeks.
The program can provide grants to small businesses in need of a capital boost.
“The accelerator clients we want to have are viable businesses already in place,” Brown said. “This will help kick them up a level and get them off the ground but quickly.”
The program also is designed to link entrepreneurs with senior executives for mentoring and other guidance, according to a news release from USF.
The Small Business Accelerator will be primarily based out of the university’s St. Bonaventure Campus in downtown Joliet.
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USF has run a business incubator program out of the downtown campus for the past eight years. The plan is to continue to support businesses that use the accelerator program once funds run out through the incubator program.
The $500,000 federal grant was obtained with support from U.S. Rep. Bill Foster, D-Naperville, whose district formerly included Joliet.
The funding also could support startup businesses that otherwise would leave the USF incubator program in need of capital, USF Associate Professor Bonnie Covelli said in the release.
“This proposal hopes to fill the gaps created by lack of funding and the need for an accelerator,” said Covelli, who authored the funding request.
USF also plans to start a business workshop program through the accelerator program that will be open to the community at no charge.
For information on the USF Small Business Accelerator or to apply for funding, visit st.francis.edu/accelerator or email USFAccelerator@st.francis.edu. Those with questions may also contact Covelli at bcovelli@stfrancis.edu or at 815-740-5071.