§570.20. Application Cycle

a)         Direct Funding

 

1)         Applications under the Program other than the Technical Assistance Program and the Development Corporation Program will be accepted throughout the year until program funds are exhausted.  The Department or its designee (e.g., Small Business Development Center (SBDC) staff, Illinois Department of Transportation) will supply interested businesses with an application package upon request.

 

2)         Public notice of the availability of Technical Assistance Grant Program Applications and the application due date will be published in the State recognized newspaper.  Grant funds will be made available on an annual basis, if sufficient monies are allocated for the program.  Application will be due on the deadline determined by the Department.

 

3)         Public notice of the availability of Development Corporation Grant Applications and the application due date will be published in the State recognized newspaper.  Grant funds will be made available on an annual basis, if sufficient monies are allocated for the program.  Applications will be due on the deadline determined by the Department.

 

b)         Indirect Funding

 

1)         Applications under the Participation Loan Program and the Loan Loss Reserve Program will be accepted throughout the year until program funds are exhausted.  The Department or a financial intermediary will supply interested businesses with an application package upon request.

 

2)         Application for Development Corporation Participation loans to or through financial intermediaries will be accepted throughout the year until program funds are exhausted.  The Department will supply interested financial intermediaries with an application package upon request.

 

3)         Applications under the Rural Micro-business Participation Loan Program will be accepted throughout the year until appropriated or allocated program funds are exhausted  The Department or a financial intermediary will supply interested businesses with an application package upon request.

 

(Source:  Amended at 30 Ill. Reg. 8461, effective April 19, 2006)