ENTREPRENEURSHIP CENTER GRANT AWARD PROGRAM
Recent Impact
In 2007, 25 individual businesses received a total of $145,000 in grant money to help them achieve a significant business milestone. These projects were focused on strategic engagements that lead to an increase in financing or revenue for the businesses.
The Chicagoland Entrepreneurial Center (CEC), with financial support from the Illinois Department of Economic Opportunity (DCEO), administers a matching grant award program targeted at high-growth companies in the Chicagoland area. The purpose of the program is to assist businesses with high-growth potential in obtaining professional services that will assist in the acquisition of capital, increase in revenue 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% of the award amount.
Guidelines
Award applications must be completed in accordance with the instructions established by the CEC and shall be reviewed and evaluated by the CEC staff. Evaluations of complete applications are reviewed and funding recommendations are submitted to the CEC 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. An applicant can apply for funding to cover services provided by no more than 2 service providers. The CEC 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 CEC staff may recommend alternative assistance programs.
Eligible Applicants
- Any small- or medium-sized for-profit, entrepreneurial business of 500 employees or fewer, and less than $10 million in annual revenue.
- Located in the State of Illinois.
- Currently is or will be engaged in creating new services or products with high-growth potential.
- Has had a growth rate or is projected to have a growth rate of at least 20% in employment and revenue annually over a three-year period.
Eligible Project Costs
Eligible project costs include the provision or acquisition of professional services that will lead to the successful achievement of a significant business milestone. Projects should deliver a short-term impact on the acquisition of capital or increase in revenue. Broad categories of services may include those related to:
- Sales diagnostics
- Lead generation and prospecting strategies
- Channel and market sales analysis and strategies
- Sales pitch and presentation coaching
- Corporate messaging and positioning
- Overall business strategy; marketing strategies and plans
- Development of private placement memorandums
- Capitalization strategies
- Financial modeling
- Other specialized or accelerated services deemed critical to achieving a significant business milestone
Ineligible Project Costs
While many types of professional businesses services are available and beneficial to entrepreneurs and small businesses, given limited funding availability, the program is restricted to strategic planning activities. The CEC's Awards Committee has discretion to determine special funding circumstances, in consultation with DCEO. Generally, the following project costs will not be eligible for award funding:
- Legal costs associated with establishing or incorporating your business
- Architectural, engineering and design costs
- Rental or purchase of land or buildings or any improvements or furnishings to land or buildings
- Software or office equipment
- Printing of business cards or marketing materials
- Employee training or salaries
- Business valuation or appraisal fees
- Loan application/origination fees
- Fees for lobbying elected assemblies or for entertainment
- Product development costs
- Website design or improvements
Award Process
- An application is not considered complete until an Award Application, a copy of the company's Business Plan (or Executive Summary) and a copy of the selected service provider' proposal is received.
- Completed applications will go through an internal review to assess the company's growth potential, management and operations. Applicants will then be notified if they will continue through the award process or be recommended to other applicable services. Applicants continuing through the process will then meet with a CEC representative for further due diligence which entails either a site visit or in-person interview.
- During the review process, additional information may be requested to help support your application. To expedite the process, please be forthcoming in providing supporting information.
- The CEC Awards Committee will then review completed applications and will notify you of a decision.
- You will be notified of a decision within 30 days of submitting a complete application.
- If the CEC Awards Committee grants you the award, then you must complete the following two steps before the funds are released: 1) You must sign an award agreement that will be sent to you by a CEC representative, and 2) You must put 25% of the project cost down with the service provider to show that you have committed to the project.
- Once you put money down, you need to provide an invoice from the service provider detailing the project, its costs and your down payment. You will then have 60 days to start the project.
- Once the above two steps are completed, the award will be released and sent directly to the service provider, not the Applicant, within a couple of weeks after your CEC representative receives your invoice from your service provider.
How to Apply
Applicants must contact the CEC to set-up an initial interview with a CEC Business Advisor. Upon completion of the interview (in-person or via phone), applicants will receive an electronic application and begin the award process. To set-up an initial interview please contact one of the following staff members.
Contact Information:
Jasmine Moore
(312) 494-6792
jasmine@chicagolandec.org
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