Bill > SB1900

This bill creates the Illinois Inclusive Venture Investment Act, which aims to address systemic barriers faced by minority entrepreneurs, venture capital firms, and financial managers in accessing institutional capital. The bill establishes a Direct Matching Funds Program administered by the State Treasurer that provides financial incentives to covered institutions (such as universities, nonprofits, hospitals, and pension funds) that invest in minority-owned businesses and initiatives. Under the program, for every dollar invested in a minority-owned financial manager, venture capital firm, or minority-led startup, the State Treasurer will provide up to 50 cents in matching funds, with an additional 25 cents available for investments that exceed annual performance benchmarks. Participating institutions must allocate at least 20% of their investment portfolios to minority-owned firms, startups, or special investment initiatives supporting diverse founders. The bill requires detailed annual reporting and transparency, including public scorecards ranking institutions based on their investment diversity. Institutions that fail to meet investment allocation or reporting requirements may lose program eligibility or be required to repay distributed funds. The goal is to drive equitable economic growth by ensuring significant institutional capital flows to minority-led businesses and initiatives, with the program set to become effective on July 1, 2026.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1900&GAID=18&DocTypeID=SB&SessionID=114&GA=104