Illini Entrepreneurship Center - Challenge Grants
The Illini Entrepreneurship Center (IEC), with financial support from the Illinois Department of Commerce and Economic Opportunity (DCEO), offers a matching award program targeted to high growth companies in central Illinois. The purpose of the award program is to assist high-growth-potential businesses with obtaining professional services for comprehensive business planning assistance, the evaluation of a proposed start-up or expansion, or other accelerated support services.
Award funding must be used for the successful achievement of a significant business milestone. The maximum funding available for each individual award is $5,000. Recipients are required to provide a cash match of 100 percent of the award amount.
Guidelines
Award applications completed in accordance with the instructions established by the IEC shall be reviewed and evaluated by the IEC staff. Evaluations of complete applications are reviewed and funding recommendations submitted to the IEC Awards Committee. Applicants may be notified of deficiencies and may be given the opportunity to submit revisions. Given the significant demand for this award program, the application process is selective and awards are based on project viability, growth potential, public purpose, need and merit-based factors.
The IEC will notify applicants of the evaluation determination within 30 days of receiving a completed application. In those circumstances where award applications do not meet these criteria for entrepreneurship awards, the IEC staff may recommend alternative assistance programs.
The Illini Entrepreneurship Center (IEC), with financial support from the Illinois Department of Commerce and Economic Opportunity (DCEO), offers a matching award program targeted to high growth companies in central Illinois. The purpose of the award program is to assist high-growth-potential businesses with obtaining professional services for comprehensive business planning assistance, the evaluation of a proposed start-up or expansion, or other accelerated support services.
Award funding must be used for the successful achievement of a significant business milestone. The maximum funding available for each individual award is $5,000. Recipients are required to provide a cash match of 100 percent of the award amount.
Guidelines
Award applications completed in accordance with the instructions established by the IEC shall be reviewed and evaluated by the IEC staff. Evaluations of complete applications are reviewed and funding recommendations submitted to the IEC Awards Committee. Applicants may be notified of deficiencies and may be given the opportunity to submit revisions. Given the significant demand for this award program, the application process is selective and awards are based on project viability, growth potential, public purpose, need and merit-based factors.
The IEC will notify applicants of the evaluation determination within 30 days of receiving a completed application. In those circumstances where award applications do not meet these criteria for entrepreneurship awards, the IEC staff may recommend alternative assistance programs.
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Eligible Applicants
- Any small- or medium-sized for-profit, entrepreneurial business of 500 employees or fewer
- Located in the State of Illinois
- Currently is or will be engaged in creating new services or products with high-growth potential
- Has had a growth rate or is projected to have a growth rate of at least 10% in employment and revenue annually over a three-year period.
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Eligible Project Costs
- overall business strategy
- marketing strategies and plans
- legal or accounting services
- technology or product audits
- financial modeling
- funding strategies
- management operations and budgeting
- other specialized or accelerated services that are deemed critical to the successful achievement of a significant business milestone for client firms.
Eligible project costs include the provision or acquisition of professional services for comprehensive business planning assistance or the successful achievement of a significant business milestone. Broad categories of services may include those related to:
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Ineligible Project Costs
- Legal costs associated with establishing or incorporating your business
- Architectural, engineering and design costs
- Rental or purchase of land or buildings or any improvements or furnishings to land or buildings
- Software or office equipment
- Business valuation or appraisal fees
- Loan application/origination fees
- Fees for lobbying elected assemblies or for entertainment
The IEC recognizes that many types of professional businesses services are available and beneficial to entrepreneurs and small businesses. However, given limited funding availability, the award program will be restricted to business planning activities. The IEC’s local managing board will have discretion to determine special funding circumstances, in consultation with DCEO. Generally, the following project costs will not be eligible for award funding:
Funding Availability/Match Requirement
The maximum funding available per individual award is up to $10,000 of eligible project costs. Applicants will be required to provide a cash match of 100 percent of the award amount.
Award Application Assistance
Application assistance is available from the IEC
How to Apply
Applicants may electronically submit applications directly to the IEC. Applicants currently working with another service provider within the Department of Commerce and Economic Opportunity Network (ex. Small Business Development Centers, Procurement Technical Assistance Centers, Illinois Manufacturing Extension Centers) are encouraged to continue working with their service provider to sponsor them through the process.
To receive an IEC application form contact:
Debra Townsley
townsley@illinois.edu
217-244-9425