11.22.16

Durbin Announces $3 Million To Support Business Development In Illinois

CHICAGO – U.S. Senator Dick Durbin (D-IL) today announced $3 million in federal funding to support business development efforts in Illinois, primarily in manufacturing and minority-owned businesses. This funding, awarded through the U.S. Department of Commerce, will help support product development, innovation, and technical assistance.
 
“Illinois is home to some of the world’s leading businesses and manufacturing companies, which support thousands of jobs and generate tremendous economic activity in our state,” Durbin said. “This funding will help equip them with development and technical services that will keep Illinois on the cutting-edge of innovation and growth.”
 
Under this announcement, the following organizations will receive funding:
 
·      Catalyze Chicago: $500,000 in funding through the Economic Development Administration to support the creation of a full-scale technology incubator that focuses primarily on physical product development and hardware innovation for manufacturers and entrepreneurs. mHub will provide a focal point for hardware and advanced manufacturing communities in the Chicagoland region; and,
·      ACG Chicago, Inc.: $2,500,000 in funding through the Minority Business Development Agency’s (MBDA) Broad Agency Announcement (BAA) grant to provide technical assistance and business development services that result in awarded financial transactions to Minority Business Enterprises (MBEs).