20 ILCS 700/3004
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 700/ - Technology Advancement and Development Act.|Article 3 - Illinois Technology Enterprise Development And Investment Program

 (from Ch. 127, par. 3703-4)Sec. 3004.     Investment purpose.(a) Direct qualified investments, loans, or  participation investments in investment or loan portfolios authorized by this  Article of this Act may be made  for the purpose  of financing any new process, technique, product, service or device which is,  or which may be, capable of being reduced to practice, and which is, or which  may be, commercially exploitable by (i) young or growing Illinois  businesses or (ii) applicants who have qualified for Federal Small Business  Innovation  Research funds.Financial assistance proceeds may be used for expenses that include, but  are not limited to, costs  incurred for research and development, amortizable organizational costs,  working capital financing, the purchase or lease of machinery and equipment,  and the acquisition, improvement or rehabilitation of land and buildings.  In  determining if direct qualified security investments or  loans are to be  made, the Department shall find that there is a likelihood of  commercial feasibility given the state of development of the proposed  product, process, or technical device, and that there is a likelihood of  increased job opportunities in the near term as a result of the security  investment.  Direct qualified security investments or investment loans for an eligible applicant shall  not be made for more than $500,000 and shall not be made for more than 50%  of the business project costs unless the Director determines that a waiver  of these limits is required to meet the purpose of this Act.  In making a determination to participate in an  investment  or loan portfolio of an authorized participating lender or investor on behalf of eligible  applicants, the Department shall find that the administering financial  intermediary is capable of effectively evaluating the commercialization  feasibility of the proposed product, process, service or technical device  technology and the likelihood of increased job creation impact that may result  from project financing.  In no instance shall the Department's participation in  an investment or loan portfolio of any authorized  participating lender or investor exceed $2,000,000 at one time.(b) A loan made for company modernization or retooling may be for any  purpose consistent with the objectives of this Act including, but not  limited to, purchases of advanced machinery, equipment and tooling;  organizational expenses for services, personnel training, corporate  restructuring; working capital; acquisition, improvement or rehabilitation of  land and buildings which are an integral part of a new production or process  technology; or any other business expense reasonably related to the project. In  determining if a loan is to be provided, the Department shall determine whether  there will be an expected improvement in production levels, quality of output  or timeliness of delivery and that the number of jobs to be created or retained  is reasonable in relation to the loan funds requested. A loan to eligible  applicants for modernization or retooling shall not be made for more than  $500,000 or for more than 25% of the business project costs unless the Director  of the Department determines that a waiver of these limits is required to meet  the purposes of this Act.(c) Grants may be made for the purpose of financing feasibility studies,  competitive assessments or productivity services which the Department  determines may result in technology enhancement, retooling, restructuring  or other competitiveness improvements.  In determining the amount of a  grant, the Department shall: (i) examine the level of expertise of the  consultant or firm undertaking the feasibility study or competitive  assessment; (ii) evaluate the likelihood of an applicant's proposed  feasibility study or competitive assessment resulting in a substantial  improvement in the applicant's operations; (iii) determine whether that  improvement will result in the creation or retention of jobs. Grants to  eligible applicants shall not exceed $100,000 or 50% of the project costs  unless the Director of the Department determines that a waiver of these  limits is required to meet the purposes of this Act.    (Source: P.A. 91-476, eff. 8-11-99.)