FAQ: SDA's $100,000 Impact Grant from NICI
Summary
The Southland Development Authority (SDA) received a $100,000 'Impact Grant' from Nicor Illinois Community Investment (NICI) to support economic mobility, small business development, and infrastructure in the Southland region.
What is the ‘Impact Grant’ received by SDA?
The ‘Impact Grant’ is a $100,000 funding provided by NICI to the Southland Development Authority (SDA) to support its mission in economic mobility, small business development, and infrastructure.
Why is this grant significant for SDA?
This grant is significant as it will significantly advance SDA’s mission to provide financial resources to businesses driving the community forward and support the development of the ‘Monarch Fund’.
How will the grant be utilized by SDA?
The grant will bolster the SDA’s emerging ‘Monarch Fund’, a financing vehicle designed to power business growth across the Southland and prepare large-scale, development-ready land.
Who are the key figures involved in this grant?
Key figures include SDA CEO Bo Kemp, NICI Executive Director Tovah McCord, and representatives from Nicor Gas, along with local and state officials like State Representative Will Davis and University Park Mayor Joseph E. Roudez III.
When was the grant announced?
The grant announcement was made with a check-signing ceremony on Tuesday, July 29, in University Park.
Where is the impact of this grant expected?
The impact of this grant is expected across the Southland region, particularly in areas of economic mobility, small business development, and infrastructure.
What is the ‘Monarch Fund’?
The ‘Monarch Fund’ is a new financing vehicle developed by the SDA to power business growth across the Southland and prepare large-scale, development-ready land, aiming to replicate the success of projects like the CNI Pullman redevelopment.
How does this grant align with NICI’s goals?
This grant aligns with NICI’s goal of investing in organizations driving real, measurable impact, supporting SDA’s work in strengthening communities, growing businesses, and creating pathways to economic opportunity.
What are the next steps for SDA following this grant?
Following this grant, SDA will continue working on the ‘Monarch Fund’ and collaborate with Nicor Gas on powering land for development to accelerate business and infrastructure growth in the region.
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