Challenge Grants
Our Challenge Grant program, funded by the Illinois Department of Commerce and Economic Opportunity, provides companies matching funds (up to $5,000) to complete projects that will help them reach a growth milestone.
Challenge Grants may be used to obtain professional services for a variety of purposes including business planning assistance, technology or product audits, funding strategies, and other specialized services that are critical to a company’s growth. Funds may not be used for the purchase of tangible assets or services that will not directly lead to the achievement of a growth milestone.
In order to apply, companies should submit a detailed project plan, current financial statements, and complete an interview. Applicants are encouraged to contact us before beginning the process to determine if their proposed project is eligible for the program. Final grant decisions are made by an independent Awards Committee.
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To be eligible for this program companies must be incorporated in Illinois as a for-profit business and have fewer than 500 employees. Additionally, applicants must show evidence of a past or projected growth rate of at least 10% in employment and revenue annually over a three-year period.