I didn't realize LightBank was looked down on. I'm also in Chicago and work for a Lightbank-funded startup. Have you heard from other local entrepreneurs about poor treatment from LightBank?
Yes, the overall mentality of anyone I talk to is don't even approach Lightbank. Word on the street is they are terrible for entrepreneurs to work with. It doesn't help that Lightbank has seemingly had high turnover and my limited interactions with them in other matters have sent me mixed messages. Again, it's a shame. Brad Feld from Foundry replies to almost every email he gets. Chicago needs a guy like that.
My Chicago company is not Lightbank-funded, but all I see in print is relentless small-town boosterism - what's a more reliable source for sounding out a firm's reputation?