Illinois Administrative Code
Title 14 - COMMERCE
Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS
Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM
Section 540.150 - Application Review Process
Current through Register Vol. 47, No. 38, September 22, 2023
a) Department staff shall screen applications to determine that all minimum requirements of the application package have been addressed. Applications will be reviewed in accordance with Department review criteria noted in subsection (b) of this Section.
b) A request for a grant to set up and operate a Revolving Loan Fund shall be evaluated in accordance with the requirements of this subsection. The application evaluation process consists of a review by staff selected from various divisions of the Department. This staff reviews the applications using the Likert Ranking System in a competitive individual case by case study. Elements are of general equal weight. (All evaluation personnel then rerank the highest rated applications for a final rank order, with the highest selected for funding.) The review of applications submitted by the due date shall be completed no more than 45 working days after the application due date, with grant awards being announced at the end of that period. Applications will be comparatively evaluated on the basis of:
c) Applications which best meet the evaluation standards of subsection (b) of this Section will be selected for funding. Priority shall be given to programs which serve high poverty areas, enterprise zones or both.
d) Upon selection, the Department shall notify applicants of the amount of grant, if any, which may be used to set up and operate the local Revolving Loan Fund. The Department shall issue a grant agreement for signature by the local Project Operator.
Added at 15 Ill. Reg. 973, effective January 11, 1991