Illinois Venture Capital Package
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How to fill out Venture Capital Package?
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The Venture Capital Funding Process Deal Origination. The first step of the funding process has to be getting deals to come into your company who need funding. ... Introductory Meeting. ... Due Diligence/Internal Analysis. ... Negotiation and Investment.
The Illinois Innovation Venture Fund (INVENT) is a $114 million direct equity capital 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 (DCEO).
The State Small Business Credit Initiative (SSBCI) was reauthorized as part of the American Rescue Plan Act (ARPA). The SSBCI program provides a combined $10 billion to states, with Illinois eligible to receive up to $354.6 million.
Through SSBCI, jurisdictions provide funding to small businesses through equity/venture capital programs, loan participation programs, loan guarantee programs, collateral support programs, and capital access programs tailored to local market conditions.
Advantage Illinois programs have been designed to accelerate credit distribution by helping lenders manage the risks inherent in lending to small and start-up companies. The goal is to ensure timely and an increased number of private investments.
In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding.
Illinois is the headquarters for more than 100 private equity firms that manage funds totaling $77 billion, of which $65 billion is directly invested in companies and $12 billion is managed by funds-of-funds, which invest directly in private equity firms.
"Small business" means any for profit entity, independently owned and operated, that grosses less than $4,000,000 per year or that has 50 or fewer full-time employees. For the purposes of this Act, a "small business" has its principal office in Illinois.