Growing Central Illinois Business

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.