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Eligibility

A company interested in the Fund must meet the following criteria:

  • Must not have more than 750 employees;
  • Must be structured as a C-corporation, or is a Limited Liability Company (LLC) that is willing to convert to a C-corporation;
  • Must be in good standing with the Illinois Secretary of State;
    • Registered in Illinois, see Incorporation
    • If domiciled outside of Illinois, registered as a foreign company that has authority to transact business in Illinois (Form BCA13.15). See ILSOS Forms
  • Its principal place of business/ headquarters must be located in Illinois​ or a company is willing to move its principal place of business/ headquarters to Illinois*;
  • At least 51% of the employees employed by the business are based in Illinois;
  • Must not be principally engaged in impermissible, speculative activities that profit from price fluctuations, insurance, banking, lending, lobbying, or political consulting, pyramid sales, or gambling​;
  • Must not be engaged in any activity that is illegal under federal, state, or local law or that can reasonably be determined to support or facilitate any activity that is illegal under federal, state, or local law​;
  • Must have the potential for increasing jobs or capital investment in Illinois​;
  • The proceeds of the investment will be used for permissible business purposes​.  Refer to the USDT SSBCI Capital Program Policy Guidelines for additional information.

*10% of the SSBCI funds can be allocated to an out-of-state business that will move its headquarters to Illinois within two years of receiving funding and has at least 51% of its employees based in Illinois.

INVENT can only participate in fundraising rounds up to $20,000,000. The maximum investment amount is $6,000,000 and minimum is $10,000. 

All direct investments require private financing leverage in the form of other private capital. There must be a minimum leverage of one dollar of private capital for every dollar of SSBCI funding.  DCEO is unable to invest in a business without the participation of a lead investor.

Investments can be in the form of equity financing, convertible note or simple agreement for future equity (SAFE).