30 ILCS 750/9-5.1
2021 Illinois Compiled Statutes|Chapter 30 - FINANCE|30 ILCS 750/ - Build Illinois Act.|Article 9

 (from Ch. 127, par. 2709-5.1)Sec. 9-5.1. Applications for Illinois Equity  Investments.(a) All applications for the Illinois Equity  Investments to or on behalf of  small businesses shall be submitted to the Department on  forms and subject to filing fees prescribed by the Department.  For business project applications, the Department shall conduct such  investigation and obtain  such information concerning the application as it deems necessary and  diligent.  Complete applications  received by the Department shall be forwarded to an outside  credit review committee consisting of persons experienced in  new venture equity financing and the Director of the  Governor's Office of Management and Budget, or his or her        designee, for small business for a  review and report concerning the advisability of approving  the proposed investment.  The review and report shall include facts  about the company's history, job opportunities, stability of  employment, past and present condition and structure, actual  and pro-forma income statements, present and future market  prospects and management qualifications, and any other facts  deemed material to the financing request.  The report shall be  advisory in nature only and shall include a reasoned opinion  as to whether providing the financing would tend to fulfill  this purpose of the Act.  Except for the Director of the  Governor's Office of Management and Budget or his or her designee, the Department may  utilize the services of existing outside organizations as the  credit review committee.(b) For equity intermediary agreements, applications may include, but  shall not be limited to, history and mission of the applicant; needs to be  served, which shall be consistent with the purpose of this subsection;  products,  services, and results expected from the effort; staffing, management, and  operational procedures; and budget request and capitalization of the effort.  The Department shall review the intermediary applications to determine the  viability of the applicant, the consistency of the proposed project with the  purposes of this Article, the economic benefits expected to be derived  therefrom, the prospects for continuation of the project after Departmental  assistance has been provided, and other issues that may be considered  necessary.(c) The Department shall, on the basis of the application,  the report of the credit review committee, and any  other appropriate information, prepare a report concerning the  credit-worthiness of the proposed borrower or intermediary, the financial  commitment of the participating lender or other investor, the  manner in which the proposed small business or intermediary project will  advance the economy of the State, and the soundness of the  proposed equity investment or intermediary agreement.After consideration of such report and after such  other action as it deems appropriate, the Department shall  approve or deny the application.  If the Department approves  the application, its approval shall specify the amount of  funds to be provided and the Department equity investment  agreement provisions.  The small business or intermediary applicant shall be promptly  notified of such action by the Department.       (Source: P.A. 94-793, eff. 5-19-06.)