Illinois Coalition Technology Development Group Wins SBA Award

Chicago, IL – December 7, 2004 -- The U.S. Small Business Administration has awarded a grant of $989,000 to the Illinois Coalition's Technology Development Group. The award goes into effect immediately for fiscal year 2005 operations. The SBA grant will allow the Technology Development Group to continue their leadership in fostering the formation and growth of technology-based businesses.

"The Illinois Coalition has been a significant force in creating new jobs and stimulating local technology investment. This grant will provide key resources for small tech businesses across Illinois," said SBA Illinois District Director Judith Roussel. "The grant also supports the ongoing activities of the SBA and the Coalition in assisting regional economies, such as Peoria and Rockford."

The Illinois Coalition announced in October it will be divided into two separate organizations each focused along the lines of its missions, research infrastructure advocacy and technology development. The Coalition's technology development group will manage a public/private organization focused on delivering business assistance and access to capital to technology firms. The group will develop a new name to reflect its focused mission and its important work will be funded through federal awards, such as the SBA grant, as well as private contributions.

"The principle goal of the Illinois Coalition's technology development group is to stimulate new enterprise growth and private investment creating opportunities to realize the commercial potential of innovations," said Tom Thornton, President of the Illinois Coalition. "The support of the SBA has and continues to be integral in achieving our mission."