Illinois SBIR/STTR Matching Funds Program grants increased to $75,000 for Phase I and $250,000 for Phase II.
The bill amends the Illinois Department of Commerce and Economic Opportunity Law to increase the maximum grant amounts for the SBIR/STTR Matching Funds Program. For Phase I, the maximum grant is raised from $50,000 to $75,000. For Phase II, the maximum grant is increased from $100,000 to $250,000. The bill also specifies the conditions for eligibility, including the requirement for businesses to be Illinois-based and to have received a federal SBIR/STTR Phase I award. The bill aims to foster job creation and economic development by encouraging businesses to apply for federal Phase II awards.
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