State, Kane County Extend Deadline to Oct. 31 for Minority Business Incentives
The state of Illinois and Kane County have extended a deadline to apply for a new program that provides training, mentorship and cash incentives for minority/women-owned businesses.
In September, Kane County unveiled an incentive that piggybacks on the state of Illinois’ new Advancing the Development of Minority Entrepreneurship program. The Kane County incentive offers to pay loan closing costs and fees up to $2,500 for any local business that applies for and wins funding from ADME.
The news this week is that ADME application deadline had been extended to 11:59 p.m. Monday, Oct. 31, 2016.
Under the ADME program, announced by Gov. Bruce Rauner, up to 15 minority/women-owned startup or small businesses in the Chicago region will be selected by the state to receive training and mentorship as well as access to capital in the form of loans. The ADME selection process emphasizes the business’s potential to create jobs.
Any Kane County resident who is accepted into ADME will be eligible for a supplemental grant of up to $2,500, paid for via Kane County Economic Development funds.
The aim of Kane County’s program is the same as ADME: to strengthen start-up and small businesses by tapping into the potential of underrepresented communities, including African-American, Latino, Asian-American, women, and veteran entrepreneurs.
Criteria for ADME Candidates
- Must be 21 years of age or older.
- Must be a United States citizen.
- Business annual gross revenue must be less than $1 million.
- Businesses selected for the program must become certified as a Minority Business Enterprise and in “Good Standing” with the State of Illinois.
- Business address must be located within the three selected regions Rockford, Chicago or Peoria, Illinois.
- Must be qualified as a member of one of the following minority groups: Women, African-American, Latino-American, Asian-American, Disabled-Persons or a Veteran.
Find more information on the ADME program, visit the ADME Illinois website.
For more information on the Kane County program, contact Chris Toth, Kane County Development & Community Services Department, at tothchris@co.kane.il.us or 630-232-3491.
What is ADME?
Diversity is a competitive advantage and is crucial to Illinois’ economic growth. Advancing the Development of Minority Entrepreneurship (ADME) is an investment program developed to strengthen Illinois’ start-up and small business community by tapping into the potential of underrepresented communities, including African-American, Latino, Asian-American, women, and veteran entrepreneurs.
The pilot program will focus on minority-owned businesses and individuals in the Chicago, Peoria and Rockford metropolitan areas.
Using Gallup’s Entrepreneurial Profile assessment (EP10), a research based talent assessment designed specifically to measure and help develop an individual’s innate entrepreneurial talent, ADME will identify high-potential minority entrepreneurs and provide start to finish support to help them grow their business.
The EP10 is an industry recognized evaluation of entrepreneurial aptitude and preparedness, utilized by start-ups and venture capital firms to make financing and business decisions.
ADME pairs the EP10’s predictive power with resources and support to help minority entrepreneurs thrive.ADME will bring together community organizations, financial institutions, and government to provide participants with access to business training, capital and other tools while building an entrepreneurial ecosystem and network to support the growth of minority entrepreneurs.
SOURCE: ADME Illinois
