Illinois Administrative Code
Title 14 - COMMERCE
Part 560 - ILLINOIS SMALL BUSINESS INCUBATOR PROGRAM
Section 560.40 - Formal Application Review Criteria
Universal Citation: 14 IL Admin Code ยง 560.40
Current through Register Vol. 47, No. 52, December 29, 2023
The Department will accept and review formal applications based on the following criteria:
a) Economic Impact
1) The actual need for the type of
incubator given the community's economy and services offered by the
facility.
2) The number of
businesses that could be housed in the proposed facility, and the expected
number of new business starts.
3)
The job creation potential of the incubator and the job creation in relation to
Department funds requested.
4) The
extent to which the incubator services an economically depressed
area.
5) The location of the
incubator, in order to encourage geographic distribution.
b) Incubator Management
1) The past experience or previous
performance of the applicant (e.g. success in previous projects and the level
of compliance with previous grant agreements) and demonstrations of management
capability to deliver the incubator benefits pursuant to Section 11-3 of P.A.
84-109.
2) Evidence of experience
of the individual selected to manage day-to-day incubator operations.
3) The scope of coordination with local
areawide economic development programs.
4) Demonstration by letters of support that
the incubator project is supported by local representative of business, labor
and education.
c) Proposed Activities
1) The type and condition
of the building being proposed for use as an incubator.
2) A reasonable time schedule for the
initiation and completion of the project.
3) The quality and depth of management
assistance mechanisms and services offered to incubator clients.
4) The ability of the local sponsor to obtain
funding commitments to assist the financing of start-up firms.
5) The incubator's marketing
effort.
6) The thoroughness of the
incubator's proposed entry and exit procedures and documentation.
7) The costs and types of faculty services to
be provided.
d) Financial
1) The identification of sources
and use of funds.
2) The degree to
which the local sponsor contributes monetarily or in-kind.
3) Whether the local sponsor has a financial
commitment of at least fifty percent of the projected costs of establishing and
administering the incubator facility.
4) The degree to which the local sponsor has
a financial commitment for the projected reimbursed costs of maintenance of the
incubator.
5) The projected income
and expenses of the incubator and cash flow in relation to debt
services.
6) Justification for any
waivers or deferrals of loan repayment.
7) Firm written cost estimates from
contractors, suppliers, etc. to indicate cost feasibility.
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