Illinois Administrative Code
Title 14 - COMMERCE
Part 640 - RURAL DIVERSIFICATION ACT PROGRAM
Subpart A - RURAL DIVERSIFICATION LOAN PROGRAM
Section 640.100 - Selection for Financing
Current through Register Vol. 48, No. 12, March 22, 2024
Applicants that best meet the objectives of the Act through satisfaction of the evaluation criteria of Sections 640.80 and 640.90 will be funded until all available loan financing is expended. The amount of loan financing made available by the Department will be based upon the extent to which the applicant provides evidence of economic benefit to the community. Economic benefit evidence includes:
a) evidence the loan project will diversify or increase the structure of the local economy with documentation of an increase or potential increase in employment (Section 6(b)(iii) of the Act);
b) identification of the amount and documentation of an increase or potential increase in taxes (Section 6(b)(iii) of the Act) with the types and amounts of increased state or local taxes expected to be generated in relation to funds used;
c) evidence that the loan project will create additional personal income for the community through a potential improvement in the diversification of the rural economy (Section 6(b)(iii) of the Act) for example, the project adds new types of industries to the local economy, the projects' goods and/or services to be produced are to be sold outside the community or the final goods and/or services are to be produced and sold locally to substitute for those goods and/or services from outside the state; or
d) A potential to retain existing jobs (Section 6(b)(iii) of the Act), with a written assurance from the rural business or agribusiness which identifies the number of, the occupational type, and wage level of jobs to be created/retained in relation to funds used.
