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Frequently Asked Questions
- Does INVENT give grants?
- What is the INVENT Fund?
- How is INVENT funded?
- I am an investor. How can I learn more?
- What is the deadline to be considered for an investment?
- How do I get started?
- Do we automatically receive an investment if we meet the general eligibility criteria?
- What is the general process?
- What if the company meets the general eligibility criteria, but does not receive an INVENT investment? Can I get feedback or appeal the decision?
- Does INVENT invest in a company structured as a Limited Liability Corporation or S-Corporation?
- What does an INVENT equity investment look like?
- My company is incorporated in another state, am I eligible?
- My company is opening a new office or location in Illinois, but is not transitioning its headquarters to Illinois, is my company eligible?
- We are exploring the potential move of our headquarters/principal place of business to Illinois. Do we qualify?
- My company is a subsidiary of a foreign company, am I eligible?
- Am I required to have other investors participate in the funding round to secure an INVENT equity investment?
- Will INVENT require a board seat?
- Can INVENT support investees in future financings?
- Is there non-dilutive funding available?
- Where can I find more information about the SSBCI program?
INVENT is an investment in exchange for equity; it is NOT a grant.
The Illinois Innovation Venture Fund is a direct equity investment program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by the Illinois Department of Commerce and Economic Opportunity. The funds are expected to provide small businesses with the resources they need to sustainably grow and thrive, and to improve access to capital for traditionally underserved entrepreneurs.
SSBCI was reauthorized as part of the 2021 American Rescue Plan Act (ARPA) and provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. Illinois is eligible to receive up to $354.6 million for the INVENT venture capital program, Advantage Illinois participation loan and loan guarantee programs and the Illinois Finance Authority’s Climate Bank Finance participation loan program.
We look forward to meeting you to support our startup ecosystem. Please complete the Private Capital Investor form.
The Fund accepts submissions on a rolling basis.
Submissions must be received through the Eligibility Determination Form. Company information received through other means, such as social media, email, or mail, will not be considered or reviewed.
No, meeting the general criteria is the first step in the investment review process.
The team reviews the submission, conducts an evaluation of the company and presents the company to an internal Investment Committee for a decision.
Due to the high volume of submissions, we are unable to provide individualized feedback and appreciate your understanding.
The company is encouraged to resubmit the Eligibility Form no sooner than 6 months if significant commercial progress is made. We encourage you to explore Resources.
INVENT invests in a company that is incorporated as a C-Corporation. A company must be a C-Corporation to be presented to the Investment Committee.
A company that is seeking an investment in their business in exchange for some ownership in the company (e.g. common stock, preferred stock, convertible securities) in the company. The company will typically have a scalable business model with the potential for high growth and ability to generate high returns. The funding round must have private capital participation alongside the INVENT investment (see Private Capital).
- If the business is incorporated in another state, is registered as a foreign corporation in Illinois, has an Illinois Certificate of Good Standing, with 51% of employees based in Illinois and has headquarters in Illinois – Yes, the company is eligible.
- If the business is incorporated in another state and is registered as a foreign corporation in Illinois, has an Illinois Certificate of Good Standing, has headquarters in Illinois but does not have 51% of employees based in Illinois – No, the company is not eligible.
- If the business is incorporated in another state, is registered as a foreign corporation in Illinois, has Illinois Certificate of Good Standing, with 51% of employees based in Illinois and will relocate its headquarters to Illinois within 2 years – Yes, the company is eligible. Note that 10% of the SSBCI allocation is eligible for out-of-state businesses willing to relocate.
No, the company is not eligible.
The company may be eligible. 10% of the SSBCI funding is allocated for out-of-state businesses that will move its principal place of business/headquarters to Illinois within two years. Visit Illinois First Stop for relocation, regulatory and other resources.
A company must be domiciled in the United States to be considered for the SSBCI funding.
Yes, private capital must match at least 1:1 with DCEO’s investment. INVENT participates on the same terms as any other private investor in the same financing round.
We do not seek a board seat from a company that we invest in. However, we will require investor reporting and updates due to federal funding requirements.
Yes, INVENT may participate in follow-on financing, up to a $20,000,000 fundraising round.
Visit U.S. Department of the Treasury SSBCI.