Illinois Administrative Code › Title 14 - COMMERCE › Part 570 - ILLINOIS SMALL BUSINESS DEVELOPMENT PROGRAM › Section 570.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) Direct Funding
1) Through the Illinois Small Business
			 Development Program (Program), the Department of Commerce and Economic
			 Opportunity (Department) will provide term loans on a generally fixed-rate,
			 low-interest basis (see Section
			 570.70(a)(1)
			 ) to small businesses in Illinois in cooperation with participating lenders or
			 other investors. The ultimate purpose of the Program is to provide economic
			 development assistance to Illinois businesses who will provide employment
			 opportunities for Illinois citizens, either through job creation/retention or
			 those that modernize or improve the competitiveness of the firm.
2) Any small business operating or to be
			 located in Illinois may make an application for financial assistance under this
			 program. A small business includes, but is not limited to, any for-profit
			 business organized as a sole proprietorship, partnership, corporation, joint
			 venture, association, or cooperative. For the purposes of this program, a small
			 business is one that has, including its affiliates, fewer than 500 full-time
			 employees, or is determined by the Department not to be dominant in its
			 field.
3) Minority, Veteran, Women
			 and Disability Business Loans
A) For purposes
			 of this Part, a women owned business shall have the same definition as a female
			 owned business under Section 2 of the Minority and Female Business Enterprise
			 Act [
			 30
			 ILCS 575/2 ] and a minority owned business shall have
			 the same definition as that contained in that Act. Included for purposes of
			 this Part, Disadvantaged Business Enterprise (DBE) and Women's Business
			 Enterprise (WBE) shall have the same definitions as those established under
			 Section 5 of the Illinois Purchasing Act [ 30 ILCS 505/5 ] and Sections 3-101,
			 3-103, and 4-201.1 of the Illinois Highway Code [
			 605 ILCS
			 5/3-101, 3 -103 and 4-201.1].
B) For purposes of this Part, disability
			 shall have the same definition as that used in Section 3 of the Americans With
			 Disabilities Act of 1990 (
			 42 USC
			 12102 ) and businesses owned by persons with
			 disabilities shall mean businesses that are at least 51% owned by one or more
			 persons with disabilities and whose management and daily business operations
			 are controlled by one of the disabled owners.
C) For purposes of this Part, veteran will
			 have the same definition as that used in Section 9-2(o) of the Small Business
			 Development Act (Act) [
			 30 ILCS 750/9-2 ] and
			 businesses owned by veterans will mean businesses that are at least 51% owned
			 by veterans and whose management and daily business operations are controlled
			 by veterans.
4)
			 Technical Assistance Grants - Provides the Department with the ability to make
			 a grant to a not-for-profit organization, which also provides a portion of the
			 financing with respect to the technical assistance project. The purpose of the
			 grant is to cause the technical assistance project to be undertaken to have the
			 potential to improve the capital marketplace structure or to reduce information
			 barriers that are impediments to the flow of capital.
5) Development Corporation Grant Program -
			 The purpose of the Development Corporation Grant Program is to provide grants
			 to or through financial intermediaries whose purpose includes financing,
			 promoting or encouraging economic development in their geographic
			 areas.