THE FOLLOWING RELEASE IS FROM STATE SENATOR PAUL FARACI’S OFFICE
CHAMPAIGN – State Senator Paul Faraci, in partnership with the Illinois Department of Commerce and Economic Opportunity, announced a grantee in Champaign received $3 million in funding through the Tech Incubator Enhancement Grant Program – an initiative designed to support entrepreneurship and innovation in key growth industries throughout Illinois.
“Grant funding like this is a critical investment in our region’s future, making projects that help our businesses grow possible,” said Faraci (D-Champaign). “This investment will strengthen and support our skilled workforce and reinforce our community’s position as a hub for innovation and business opportunity for generations.”
The TIEG Program was designed to modernize and revitalize tech incubators across Illinois to meet the evolving needs of startups. The initiative aims to support the transformation of tech spaces, fostering an ecosystem of innovation, collaboration and resilience. Through the program, four grantees were awarded a total of $7 million in funding to strengthen the resilience of both existing and new startup incubators.
In Champaign, EnterpriseWorks 2.0 at the University of Illinois Urbana-Champaign received $3 million for a new building at the Research Park in Champaign-Urbana where startup companies – especially those doing science and tech work – can grow their businesses. The building will include laboratory and commercial manufacturing spaces, helping small companies move from early stages to larger, more successful businesses.
“As the State works toward achieving the goals outlined in Illinois’ Economic Growth Plan, grantees in the TIEG Program will help us strengthen our growing technology network,” said DCEO Director Kristin Richards. “Strategic incentivized investments in key sectors will provide critical support to both new and existing technology incubators throughout the state.”
A full list of awardees can be found here.
