Illinois SB1900 establishes a program to support minority-owned venture capital firms, financial managers, and startups through matching funds.
The Illinois Inclusive Venture Investment Act creates a Direct Matching Funds Program to support minority-owned venture capital firms, financial managers, and startups. The State Treasurer will provide matching funds for investments in these entities. Covered institutions must allocate at least 20% of their investment portfolios to these firms and startups. Institutions that fail to meet investment requirements may lose eligibility for up to five years. The State Treasurer will oversee the program, including compliance and annual reporting.
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