Frequently Asked Questions

INVENT is an investment in exchange for equity; it is NOT a grant.

No, INVENT is not a matching program. If an investment is approved, the program shall catalyze new private capital investments. Companies must raise private capital independently that is at least the amount of INVENT’s approval amount to unlock the INVENT investment. 

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 business 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.

Yes, if the INVENT portfolio company is certified as a Qualified New Business Venture in Illinois, the investor can claim the angel investment tax credit solely for the amount the individual investor invests in the company, provided that the tax incentive credits are available, and the investment complies with the requirements of the Illinois Angel Investment Tax Credit Program.

The Fund accepts submissions on a rolling basis.

Submissions must be received through the Expression of Interest Form.  

Please note: Company information received through other means, such as social media, email, or mail, will not be considered or reviewed.

The team reviews the submission, conducts an evaluation of the company and presents the company to an internal Investment Committee for a decision.

Decisions are not made based solely on the Expression of Interest submission. The timeline can vary depending on several factors including the completeness of the submission, initial eligibility screening factors, the level of due diligence required, the complexity of the business, responsiveness of the company, volume of submissions and deal flow capacity.

No, meeting the general criteria is the first step in the investment review process.

Our goal is to respond within 30 days from the date of your submission.

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 structured as a C- Corporation.

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.

A company must be domiciled in the United States to be considered for the SSBCI funding.

Yes, INVENT participates on the same terms as 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 Resources for additional programs and opportunities.

Visit U.S. Department of the Treasury SSBCI.