Section 5.50  Eligibility

To be eligible to receive a loan under this Part, the applicant will meet all of the following criteria:

a)         The applicant must be a DBE certified by the Unified Certification Program, of which the Department is a member, for participation on Department-procured construction and construction-related contracts. (Section 2705-610(c) of the Law)

b)         The applicant must demonstrate in the loan application not less than two years of experience participating in transportation construction or construction-related projects. 

c)         The applicant must have been denied a loan for operating expenses or costs from two or more conventional lenders, such as a bank or credit union.

d)         The loan denials referenced in subsection (c) must have requested a loan amount that is no more than 50% greater than the loan amount requested under this Part. 

e)         If the applicant is incorporated, the corporate entity must not have had a bankruptcy or foreclosure in the past five years. If the applicant is not incorporated, the owners and principals of the entity must not have had a bankruptcy or foreclosure in the past five years.

f)         The applicant must not currently be encumbered by tax liens, criminal liens or restitution orders, judgment liens or offsets that could attach to, or require payment from, the loan or that requires repayments to be made by the loan funds granted under this Part. 

g)         The applicant must not be delinquent in payment of any debt to the State of Illinois, as defined by Section 50-11 of the Illinois Procurement Code (Code) [30 ILCS 500/50-11], that has not been satisfied or for which a repayment plan has not been entered into with the State.