Illinois Administrative Code
Title 14 - COMMERCE
Part 570 - ILLINOIS SMALL BUSINESS DEVELOPMENT PROGRAM
Section 570.40 - Selection for Funding
Universal Citation: 14 IL Admin Code ยง 570.40
Current through Register Vol. 48, No. 38, September 20, 2024
a) Direct Funding
1) For any Direct Loan
application which meets the criteria of Section
570.30(a)(1),
Department staff or designee will then conduct field visit evaluations to
verify information in the application, leading to the final funding decision.
The field visit will analyze the following:
A) an assessment of the project in terms of
the employment impact/opportunity involved, in relation to the value of the
funds requested and types of jobs preferred as described in Section
570.30(a)(1)(A)(iii);
B) an assessment of the project in terms of
the modernization and improvement of competitiveness of the company, in
relation to the value of the funds requested as described in Section
570.30(a)(1)(A)(iv);
C) a verification of submitted application
information; and
D) past
performance of the applicant under previous Departmental programs, if
applicable (e.g., success in previous projects and the level of compliance with
previous agreements).
2)
Applications that best meet the objectives of the programs and demonstrate the
greatest potential for job creation/retention or those which modernize or
improve the competitiveness of the firm will receive loan or grant funds, until
all available funds are expended.
3) For any Technical Assistance Grant
application which meets the criteria of Section
570.30(a)(2),
Department staff will verify information in the application, leading to the
final funding decision. The evaluation will analyze the following:
A) a verification of submitted application
information; and
B) past
performance of the applicant under previous Departmental programs, if
applicable (e.g., success in previous projects and the level of compliance with
previous agreements).
4)
A request for financial assistance to organize a Development Corporation will
be evaluated in accordance with the requirement of Section
570.30(a)(3).
The review of applications will begin after the application due date and take
no more than 75 working days, with financial assistance awards being announced
at the end of that period.
b) Indirect Funding
1) For the Participation Loan Program
Application, the financial intermediary staff will be responsible for the
verification of the information in the application. The Department staff will
evaluate the information submitted by the financial intermediary in order to
determine that all requirements of the application package have been
addressed.
2) For the Loan Loss
Reserve Program Application, the financial intermediary staff will be
responsible for the verification of the information in the
application.
3) For the Development
Corporation Participation Program, the financial intermediary staff will be
responsible for the verification of the information in the application. The
Department staff will evaluate the information submitted by the financial
intermediary in order to determine that all requirements of the application
package have been addressed.
4) For
the Rural Micro-businesses Participation Loan Program, in addition to the
requirements of subsection (b)(1) or (3), the Department:
A) will determine the amount, term, interest
rate, and allowable uses of each loan participation awarded; and
B) will allocate no less than 80% of the
amount available for this program for loans to businesses that are located in
counties with a population of 100,000 or less.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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