Invest in Illinois - Closing Fund
CSFA Number: 420-00-3211
STATE AGENCY INFORMATION
Agency Name
Department Of Commerce And Economic Opportunity (420)
Agency Contact
PROGRAM INFORMATION
Short Description
Invest in Illinois is designed to encourage and promote the retention and expansion of existing businesses and industry within the State and recruit and attract new businesses and industry to the State by providing businesses with ready access to the capital and incentives needed to stimulate economic activity and create new jobs. Businesses that receive these grants will also receive tax incentives (REV, MICRO, EDGE, etc.) and be required to create a certain number of jobs as well as make a certain level of investment in Illinois.
Federal Authorization
N/A
Illinois Statue Authorization
30 ILCS 751
Illinois Administrative Rules Authorization
N/A
Objective
The goal of the Invest in Illinois is to encourage and promote the retention and expansion of new and existing businesses and industry within the State by providing businesses with ready access to the capital and incentives needed to stimulate economic activity and create new jobs. The General Assembly has authorized DCEO with flexible authority to make economic incentive awards to businesses. DCEO will prioritize the use of Invest in Illinois funds for industry sectors highlighted in Governor Pritzker’s 2019 Five Year Economic Plan in projects which create at least 500 new or retained jobs and commit to at least $500 million in capital investment. DCEO reserves the right to leverage the Invest in Illinois funds for projects that have smaller capital investment and job creation that are high priority projects
UGA Program Terms
Dependent on project.
Eligible Applicants
For-Profit Organizations; Small Businesses;
Applicant Eligibility
1) be in good standing under the laws of this State and the laws of all other states where the applicant was formed or is organized; 2) owe no delinquent taxes to the State. 3) create approximately 500 jobs in Illinois 4) invest approximately $500,000 in the project
Beneficiary Eligibility
Eligible businesses are businesses that are engaged in manufacturing, processing, assembling, warehousing, or distributing products, conducting research and development, providing tourism services, or providing commercial services in office industries or agricultural processing. An "eligible business" does not include a retailer or a provider of health services or professional services.
Types of Assistance
Non-competitive
Subject / Service Area
Economic Development
Credentials / Documentation
Execution of a tax incentive agreement (REV, MICO, EDGE, etc.).
Preapplication Coordination
N/A
Application Procedures
Completion of modified grant application, mandatory disclosures, conflict of interest. Applications will be available upon request and not provided on the website.
Criteria Selecting Proposals
Execution of a tax incentive agreement (REV, MICO, EDGE, etc.); execution of a grant application.
Award Procedures
There are non-competitive awards. Applications will be provided to the businesses at the discretion of the Department. There will not be a NOFO or a merit-review process (GATA exemption). DCEO may consider the economic impact of the project on the region of the State and/or feedback from a project regarding their incentive/investment expected ratio; hen comparing incentive offers for similar projects, DCEO may consider the type of incentive (credit, grant, loan, capital, etc.), the duration, and how the value of different incentive types to a project could affect location decisions. Estimate development will be iterative in conversation and may include negotiation with projects
Deadlines
Dependent on project.
Range of Approval or Disapproval Time
30 days
Appeals
The Merit Based Review process is subject to appeal. However, competitive grant appeals are limited to the evaluation process. Evaluation scores may not be protested. Only the evaluation process is subject to appeal. The appeal must be submitted in writing to the Department within 14 calendar days after the date that the grant award notice has been published. The written appeal shall include the name and address of the appealing party, the identification of the grant and a statement of reasons for the appeal. To file an appeal, applicants must submit the appeal in writing and in accordance with the Merit-Based Application Review Appeals Process listed on the Grant Opportunities page of the DCEO website: https://www2.illinois.gov/dceo/AboutDCEO/GrantOpportunities/Pages/MeritAppReview.aspx.
Uses and Restrictions
Funds can be used for any means in order to effectuate the purpose of the project listed in the grant agreement.
Reports
Annual report only
Account Identification
TBD
Range and Average of Financial Assistance
TBD
Program Accomplishments
N/A
Regulations, Guidelines, and Literature
N/A
Regional or Local Assistance Location
N/A
Headquarters Office
500 East Monroe Springfield, IL 62701 and 555 W Monroe St, 12th Floor Chicago, IL 60661
Example Projects
Company will develop a lithium-ion battery cell module pack and energy storage system integration. The project will create over 1,000 jobs and invest approximately $2,000,000,000in capital at the project.
FUNDING INFORMATION
Federal Funding
None
Notice of Funding Opportunities
| Agency ID | Award Range | Application Range |
ACTIVE AWARDS
| Agency ID | Grantee Name | Start Date | End Date | Amount |
| 24-883001 | Gotion, Inc. | 07/01/2023 | 10/01/2048 | 125,000,000 |
| 24-883003 | Rivian LLC | 05/31/2024 | 12/31/2039 | 75,000,000 |