Illinois Administrative Code
Title 14 - COMMERCE
Part 600 - ILLINOIS EQUITY INVESTMENT FUND
Section 600.60 - Allowable Leverage
Universal Citation: 14 IL Admin Code ยง 600.60
Current through Register Vol. 48, No. 12, March 22, 2024
In addition to the forms of leverage defined in Section 9-5(a) of the Act, allowable leverage will include:
a) Under-utilized land and/or buildings which are a part of the project when the appraised value qualifies them as under-utilized.
b) A cash outlay by the principals resulting in them becoming stockholders.
c) Funds expended by the business prior to the date of a loan or grant award; existing in-state equipment, land, buildings, furnishings, inventory (already owned and being utilized); lines of credit; post-project costs (such as operational expenses); and debt refinancing will not be considered as leverage.
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