Methods of Direct Grant, Investment, and Loan Application Submittal

Section 545 Section 545.410  Methods of Direct Grant, Investment, and Loan Application Submittal 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.