Strategic Economic Development Program Grant

Funder: Illinois Department of Commerce and Economic Opportunity (DCEO)

The Strategic Economic Development Program, led by the Illinois Department of Commerce and Economic Opportunity (DCEO), aims to enhance electric vehicle component manufacturing. Eligible applicants must have a current agreement with DCEO under the REV Tier 1 program. This grant supports capital improvements for fiscal years 2025-2027, covering up to 50% of expenses. DCEO will reimburse approved costs, ensuring Illinois remains a leader in economic growth and innovation, particularly in the clean energy sector.

Illinois Department of Commerce and Economic Opportunity
By attracting and supporting major job creators, investing in communities, strengthening Illinois’ world-class workforce, fostering innovation, and ushering in the new clean energy economy, DCEO works to fortify Illinois’ reputation as a global economic powerhouse while ensuring Illinois is the best state to live, work and do business.
Program Description
The goal of this program is to support the expansion of electric vehicle component manufacturing. Eligible applicants must have an existing Reimagining Energy and Vehicles in Illinois (REV) Tier 1 program executed agreement with DCEO. The intent of this grant is to fund capital improvements incurred during the State Fiscal Years partial 2025, 2026 and partial 2027 (June 12, 2025 – June 30, 2025, July 1, 2025 – June 30, 2026, July 1, 2026 – August 31, 2026). The Department may approve pre-award costs. DCEO will initially reimburse documented capital expenditures to a grantee up to 50% of the awarded grant amount. The remaining 50% will be a reimbursement of approved capital expenditures once all capital expenditures, including match funds, have been expended. DCEO anticipates the final 50% shall be disbursed within one year of finalizing the grant agreement, with an option for a one-year extension but grant agreements may be longer in cases where longer timelines for reaching expenditure thresholds are anticipated.