Section 20 ILCS 605/605-1055 - Illinois SBIR/STTR Matching Funds Program(a) There is established the Illinois Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program to be administered by the Department. In order to foster job creation and economic development in the State, the Department may make grants to eligible businesses to match funds received by the business as an SBIR or STTR Phase I award and to encourage businesses to apply for Phase II awards.(b) In order to be eligible for a grant under this Section, a business must satisfy all of the following conditions: (1) The business must be a for-profit, Illinois-based business. For the purposes of this Section, an Illinois-based business is one that has its principal place of business in this State;(2) The business must have received an SBIR/STTR Phase I award from a participating federal agency in response to a specific federal solicitation. To receive the full match, the business must also have submitted a final Phase I report, demonstrated that the sponsoring agency has interest in the Phase II proposal, and submitted a Phase II proposal to the agency.(3) The business must satisfy all federal SBIR/STTR requirements.(4) The business shall not receive concurrent funding support from other sources that duplicates the purpose of this Section.(5) The business must certify that at least 51% of the research described in the federal SBIR/STTR Phase II proposal will be conducted in this State and that the business will remain an Illinois-based business for the duration of the SBIR/STTR Phase II project.(6) The business must demonstrate its ability to conduct research in its SBIR/STTR Phase II proposal.(c) The Department may award grants to match the funds received by a business through an SBIR/STTR Phase I proposal up to a maximum of $50,000. Seventy-five percent of the total grant shall be remitted to the business upon receipt of the SBIR/STTR Phase I award and application for funds under this Section. Twenty-five percent of the total grant shall be remitted to the business upon submission by the business of the Phase II application to the funding agency and acceptance of the Phase I report by the funding agency. A business may receive only one grant under this Section per year. A business may receive only one grant under this Section with respect to each federal proposal submission. Over its lifetime, a business may receive a maximum of 5 awards under this Section.(d) A business shall apply, under oath, to the Department for a grant under this Section on a form prescribed by the Department that includes at least all of the following:(1) the name of the business, the form of business organization under which it is operated, and the names and addresses of the principals or management of the business;(2) an acknowledgment of receipt of the Phase I report and Phase II proposal by the relevant federal agency; and(3) any other information necessary for the Department to evaluate the application.Amended by P.A. 102-0813,§ 120, eff. 5/13/2022.Added by P.A. 101-0657,§ 10-5, eff. 3/23/2021.