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Illinois Innovation Venture Fund (INVENT) is sponsored by State of Illinois. The INVENT program is an equity capital program designed to expand access to capital for small businesses in Illinois, with a focus on Capital Disadvantaged Business (CDB) owners, socially and economically disadvantaged individuals (SEDI), and industries aligned with Illinois's …
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Search similar grants →Extracted from the official opportunity page/RFP to help you evaluate fit faster.
SCAM ALERT: DCEO has been made aware of organizations receiving fraudulent “notice of award” letters claiming to be from the Illinois Department of Commerce and Economic Opportunity. These are not legitimate notices from DCEO. If your organization receives a notice, please report it to the Federal Trade Commission and/or the FBI’s Internet Crime Complaint Center .
Complete the Illinois Innovation Venture Fund - Expression of Interest via the Submission Form . The form must be completed in one sitting. It will take about 45 minutes to complete.
Here is a sample of the questions on the form. Please be prepared to write brief summaries on the company including its product/service, business financials, market opportunity, competition, the team and its impact in Illinois. Are you wondering if your company should pursue venture capital?
Here are industry-related questions as a helpful guide - Should my company seek venture capital funding? Connect with a DCEO Representative Locate Your Business In IL Start Your Business in IL
Key questions and narrative sections extracted from the solicitation.
Product/service description
Business financials
Market opportunity
Competition
Team composition
Illinois impact
Based on current listing details, eligibility includes: Small businesses, with focus on Capital Disadvantaged Business owners, SEDI-owned businesses, and companies in Illinois economic development priority sectors. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates $114 million total program Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
Yes — AI tools like Granted can help research funders, draft proposal sections, and check compliance. However, always review and customize AI-generated content to reflect your organization's unique strengths and the specific requirements of the solicitation.
Review timelines vary by funder. Federal agencies typically take 3-6 months from submission to award notification. Foundation grants may be faster, often 1-3 months. Check the program's timeline in the official solicitation for specific dates.
Many federal programs offer multi-year funding or allow competitive renewals. Check the official solicitation for continuation and renewal policies. Non-competing continuation applications are common for multi-year awards.
Small Business Innovation Research (SBIR) / Small Business Technology Transfer (STTR) Match Program is sponsored by Illinois Department of Commerce and Economic Opportunity; State of Illinois. This program offers matching funds to small businesses in Illinois that have received federal SBIR or STTR awards to support innovation and commercialization, including those in AI/ML.
Illinois Angel Investment Tax Credit Program is a grant-equivalent incentive from the State of Illinois that encourages private investment in innovative, early-stage Illinois companies by offering investors a state tax credit equal to 25% of their investment, up to $2 million per investor. The program aims to provide critical working capital to fuel company growth and innovation within Illinois by reducing the risk for early-stage investors. Eligible businesses must be certified as Qualified New Business Ventures (QNBVs) by the state. The program is administered as part of a broader suite of Illinois small business incentives alongside programs such as the EDGE tax credit for job creation, Opportunity Zones, and the Advantage Illinois small business financing initiative. Applications are made through the Illinois state economic development system.
The purpose of this FOA is to provide funding for up to four (4) Tribal Colleges and Universities (TCUs) that will provide entrepreneurial development services to Native American communities, focusing on supplying services to socially and economically disadvantaged entrepreneurs in locations that are outside of the geographical areas of existing SBA resources. Eligible applicants must be Tribal Colleges and Universities as defined in the Higher Education Act HEA 316 (U.S.C. 1059c). Funding Opportunity Number: SB-GC7J-23-002. Assistance Listing: 59.007. Funding Instrument: G. Category: BC,ED. Award Amount: Up to $250K per award.
The purpose of this FOA is to provide funding for up to two (2) private, non-profit organizations that will provide entrepreneurial development services to women, with an emphasis on socially and economically disadvantaged entrepreneurs in locations that are outside of the geographical areas of existing WBCs for the District of Columbia (DC) and the State of Oregon. There will be one award for each location. Eligible applicants must be private, non-profit organizations with 501(c) tax exempt status from the U.S. Treasury’s Internal Revenue Service and must provide services to the District of Columbia (DC) and State of Oregon. Funding Opportunity Number: SB-OEDWB-23-002. Assistance Listing: 59.043. Funding Instrument: G. Category: BC,CD,RD. Award Amount: $75K – $150K per award.
Small Business Innovation Research (SBIR) / Small Business Technology Transfer (STTR) Programs (Phase I) is sponsored by U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA). The USDA SBIR/STTR programs focus on transforming scientific discovery into products and services with commercial potential and/or societal benefit in agriculturally-related areas. This can include app development for agricultural technology, rural development, and smart farming. Phase I aims to demonstrate technical feasibility.