Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart E - DIRECT GRANT, INVESTMENT, AND LOAN APPLICATION PROCEDURES › Section 545.410 - Methods of Direct Grant, Investment, and Loan Application Submittal

Current through Register Vol. 48, No. 28, July 12, 2024
This Subpart describes procedures used by the Department
				  and/or by intermediary organizations making direct grants, loans, or
				  investments in support of advanced technology or business projects. This
				  Subpart does not pertain to portfolio investments. For a discussion of
				  procedures relating to portfolio investments by the Department, see Section
				  545.230
				  of this Part. When making direct grants, loans, or investments in support of
				  advanced technology or business projects, the Department and/or intermediary
				  organizations shall supply potential applicants with applications upon request,
				  provided that funds are available for the program. Representatives of the
				  Department and/or intermediary organizations may provide assistance to
				  businesses in completing applications when requested. The Department may
				  solicit or accept applications for grants, investments, and/or loans authorized
				  under this Part through one of the following means.
a) Competitive Request for Applications - The
				Department may periodically issue competitive requests for applications from
				eligible applicants.
b) Unsolicited
				Applications - The Department may accept applications for grants, investments,
				and/or loans from eligible applicants on an ongoing basis, provided that funds
				are available for the program.
c)
				Applications Submitted by Intermediaries - The Department may accept an
				application, submitted on behalf of an eligible applicant, from an intermediary
				organization. At the same time such an application is submitted to the
				Department, the intermediary organization shall also submit its evaluation of
				the application, completed pursuant to the requirements of Sections
				545.440
				and
				545.450
				of this Part. The Department shall subsequently complete its review
				independently, taking into account the recommendations and findings of the
				intermediary organization. The final decision to award financial assistance in
				response to such applications shall be made by the Director.
d) Delegation to Intermediaries - The
				Department may, pursuant to an agreement between the Department and the
				intermediary organization, delegate responsibility to the intermediary
				organization to accept and evaluate applications from Illinois companies for
				grants, investments, and/or loans authorized under this Part and make such
				grants, investments, and/or loans on behalf of the Department.
e) Coordinated Economic Development
				Applications - The Department may solicit an application from an eligible
				applicant as part of a package of economic development services and/or
				incentives for the purpose of soliciting a business project to retain or expand
				employment within Illinois. Such solicitation may be made if the resultant
				project is consistent with the purpose of the Act and will have a significant
				positive effect on Illinois' competitive economic position.