Illinois HB2937 creates a program to match state funds for investments in minority-owned businesses.
HB2937, the Illinois Inclusive Venture Investment Act, establishes a Direct Matching Funds Program. The State Treasurer will match funds from covered institutions for investments in minority-owned venture capital firms, financial managers, and startups. Eligible institutions include public and private universities, museums, nonprofit organizations, and pension funds. The program aims to foster diversity and economic growth by ensuring significant capital flows to minority-led businesses. Institutions must allocate at least 20% of their investment portfolios to qualifying entities.
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