Illinois

State Resources

Known as “the Land of Lincoln,” Illinois is endowed with a rich abundance of both water and farmland. As a result, it is one of the top five states for agriculture, while also being home to the third largest city in the U.S. – Chicago. The presence of the Department of Energy’s Argonne National Laboratory and the Fermi National Accelerator Laboratory , as well as prestigious institutions such as the University of Chicago and Northwestern University contribute significantly to the state’s economy. The Illinois Department of Commerce and Economic Opportunity (DCEO) responsibility “is to support and maintain a climate that enables a strong economy.”

Illinois Clean Energy Innovation Fund (ICEIF)

The Illinois Clean Energy Innovation Fund (ICEIF) directly invests in high-potential, early-stage, Illinois-based cleantech companies, with the goal of supporting innovation, entrepreneurship, and job creation in the state’s cleantech sector. ICIEF is administered by Evergreen Climate Innovations and was seeded by grant funds from the Illinois Department of Commerce and Economic Opportunity and overseen by the Illinois Environmental Protection Agency. Structured as a revolving investment fund, ICIEF’s “evergreen” funding model is self-sustaining and provides capital to promising Illinois-based cleantech ventures. The ICEIF has invested a total of $3.9 million in 13 Illinois-based companies.

Illinois Department of Commerce & Economic Opportunity (DCEO)

The Illinois Department of Commerce & Economic Opportunity (DCEO) offers matching grants up to $75,000 to companies that have received SBIR/STTR Phase I awards and up to $250,000 to SBIR/STTR Phase II awardees. The DCEO also maintains a list of active and upcoming grant opportunities.

Illinois Growth and Innovation Fund (ILGIF)

The Illinois Growth and Innovation Fund (ILGIF) is an evergreen, $1.5 billion impact investment fund with the investment goal of attracting, assisting, and retaining quality technology-enabled Illinois businesses.

Illinois Innovation Venture Fund (INVENT)

The Illinois Innovation Venture Fund (INVENT) is a $114 million direct equity capital program funded through the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI). INVENT is administered by the DCEO and provides venture capital for both early and late-stage companies across a range of sectors, including agtech, energy, information technology, life sciences, advanced manufacturing, quantum information sciences and technology, microelectronics, transportation and logistics, and semiconductor technology advancement.