(305 ILCS 5/9-14) Sec. 9-14. Small business grant program. Subject to appropriation, the Department of Commerce and Economic Opportunity may establish a small business grant program for public aid recipients who are interested in developing a new start-up business. Grant applicants must submit an initial business plan or proposal to the Department of Commerce and Economic Opportunity that clearly articulates the viability of the new start-up business and how the grant money will be used to develop the business. The Department of Commerce and Economic Opportunity shall use such application materials to determine an applicant's eligibility under the program, the grant amount to be awarded, if applicable, and the number of grants an eligible applicant will receive under the program. If an applicant is determined by the Department of Commerce and Economic Opportunity to be eligible for a small business grant, the applicant must submit to the Department of Commerce and Economic Opportunity every year that he or she participates in the program or applies for a new grant an updated business plan or proposal that demonstrates the continued viability or progress of the new start-up business. The Department of Commerce and Economic Opportunity shall adopt any rules necessary to implement this provision, including rules on the minimum and maximum grant amounts awarded under the program, the number of grants an applicant may apply for or receive during a specified period of time, and application requirements.
(Source: P.A. 100-347, eff. 1-1-18.) |