Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 750/9-5.1

(30 ILCS 750/9-5.1) (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.)