The State of Illinois announced plans to actualize a $5 million grant match program for businesses that have received federal funding through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs. The program was launched by Illinois Department of Commerce and Economic Opportunity (DCEO) on Thursday, November 17.
Awards are non-competitive and will be granted on a first-come-first-serve and rolling basis. Interested companies can learn more about eligibility, restrictions, application process, award process, and reporting requirements on the Illinois Department of Commerce website.
“The SBIR program is an ideal source of seed funding to innovative research at technology startup companies, especially those emerging from the strong research universities and federal labs in Illinois. The FAST Center at the University of Illinois Urbana-Champaign provides free assistance to entrepreneurs across Illinois to learn about funding opportunities and provide support for companies to write their proposals and form their operational plans to successfully meet their criteria of the awarding federal agencies,” said Laura Appenzeller, Executive Director of the University of Illinois Research Park.
Illinois currently has more than 100 SBIR/STTR federal recipients who may be eligible for a state matching grant of up to $50,000 per project.
The state-funded SBIR/STTR Matching Grant Program is designed to further increase capital for SBIR/STTR recipients in Illinois – stimulating high-tech innovation and commercialization for Illinois small businesses that are conducting cutting-edge research.
“Illinois is known for our innovative spirit and leadership in emerging technologies,” said Governor JB Pritzker. “This matching grant program will help spur innovation by providing Illinois small businesses with more capital for critical research and development efforts.”
Federal SBIR & STTR programs provide grants for research and development (R&D) to small businesses to encourage private sector innovation in emerging technologies. R&D represents a critical business expense that can be costly and presents a potential risk for small businesses that don’t have large sums of capital. By providing grants that support R&D, these programs encourage innovation in emerging technologies that could benefit the federal government as well as the commercial marketplace.
The full press release dated November 17, 2022 from the Illinois Department of Commerce & Economic Opportunity may be viewed online here.