Three Chicago startup incubators have landed a $2.8 million federal grant to revitalize budding businesses in Chicago.
The grant was given to mHub, Matter, and 1871 from the U.S. Economic Development Administration through its Chicago Proactive Response Covid-19 initiative.
The funding is intended to help each incubator grow its member base in the hopes that by supporting startups, they will grow and hire.
The incubators are slated to create or bulk up existing programs for entrepreneurial training, small-business digitization support, and technical and prototyping work.
Across all three, the number of startups supported by mHub, Matter and 1871 is projected to grow from 1,000 to 1,325, which is expected to result in more than 10,000 direct and indirect jobs created over the next 10 years.
The grant is the second piece of funding mHub, Matter and 1871 have received in the last year. Last March the startup hubs landed $1.6 million to develop and accelerate technology-based solutions for the coronavirus crisis. The funding was raised from the Chicago Community Trust, the Walder Foundation and Bank of America.
According to a statement, that funding helped the trio of startup organizations identify more than 300 technology ventures with relevant solutions for state, city and health care officials. The initiative also resulted in volunteers contributing more than 4,500 hours to producing PPE, respirators, ventilators and sterilization solutions, with 14,000 face shields being donated to Chicago hospitals.
Matter, mHub and 1871 also provided 1,669 free months of membership to entrepreneurs who were financially affected by Covid.
