IL HB3337

Creates the Illinois Incubator and Collaborative Workspace Initiative Program administered by the Department of Commerce and Economic Opportunity to provide rent support grants for early-stage technology and life science companies.

Grants cover rent payments for 2, 4, or 6 month increments with collaborative workspaces required to match grants on a 1:2 ratio basis; funding may come from federal COVID-19 relief funds.

Collaborative workspaces must be located in Illinois, have minimum 5 paying tenants over 2 years, offer private offices or desks, host at least 10 ecosystem-building events annually, and charge market-rate rent.

Eligible tenant companies must be registered in Illinois, technology or life science firms within 3 years of formation, have fewer than 10 employees, less than $1,000,000 in trailing 12-month gross sales, and at least one full-time Illinois employee.

Tenant companies must commit to working at the facility for the combined duration of program and collaborative workspace grant support months and cannot have previously used another Illinois collaborative workspace.