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91_HB3961
LRB9111900MWgc
1 AN ACT to amend the Technology Advancement and
2 Development Act by changing Section 3004.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Technology Advancement and Development
6 Act is amended by changing Section 3004.5 as follows:
7 (20 ILCS 700/3004.5)
8 Sec. 3004.5. Illinois Technology Enterprise Centers
9 Requirements.
10 (a) The Department may, subject to available
11 appropriated funds, working with the Illinois Coalition,
12 establish one or more regional technology enterprise
13 development centers whose mission is to assist entrepreneurs,
14 innovators, and start-up firms in high-growth, high
15 technology sectors in furthering the technical or managerial
16 skills of owners; aid the ventures in locating financing; and
17 help new companies with product development and marketing in
18 support of new venture formation within the State. The
19 Department shall establish at least one technology enterprise
20 development center in a municipality with a population of
21 40,000 or less located in a county with a population of
22 200,000 or more that is adjacent to the Mississippi River.
23 (b) The Department may provide grants or may provide
24 cost share or reimbursements pursuant to this Section to
25 support the operation of technology enterprise development
26 centers. Grants awarded pursuant to this Article may be used
27 to help subsidize expenses, as approved by the Department,
28 for revolving funds, personnel, support costs, capital
29 improvements, equipment, contractual services, commodities,
30 including telecommunication or other costs.
31 (c) Technology enterprise development centers may
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1 provide crucial business information at affordable prices for
2 firms that are developing early-stage, technology-oriented
3 manufacturing including (i) general or short-term assistance,
4 general outreach, feasibility studies for new venture
5 formation, and research assistance for new venture creation;
6 (ii) innovation evaluation and market research to evaluate
7 the viability of technology, product, or service or the
8 market potential of technology, product, or service; (iii)
9 technical assistance related to management and operations and
10 strategic partnering and assistance in the implementation of
11 strategic manufacturing and marketing alliances; and (iv)
12 service in locating new technologies or technological
13 solutions.
14 (d) Technology enterprise development centers may
15 provide financial services that include (i) financial
16 packaging to enhance proposals and make companies more
17 competitive for federal or private funding; (ii) access to
18 private investor capital through venture capital events and
19 regional venture capital networking programs; and (iii)
20 management of local for-profit or limited profit seed capital
21 funds.
22 (e) Technology enterprise development centers may
23 address local shortfalls of capital to commercialize new
24 technology by providing pre-seed financing to start-up,
25 technology-based businesses. Financing options could include
26 micro-loans, small grants, and equity investment capital for
27 seed funding, product commercialization and prototype
28 development, and commercial introduction and marketing.
29 (f) The Department may provide grant funds made
30 available to support professional development and capacity
31 building of the technology enterprise development centers
32 within the State as may be required for the administration,
33 operations, research, analysis, or training of the centers.
34 (g) In determining which applicants shall be awarded a
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1 grant, the Department shall conduct an evaluation of prior
2 compliance with loan or grant awards; the relationship of a
3 proposed project to the State's future economic growth; the
4 qualifications and expertise of organizations undertaking the
5 effort; the applicant's understanding of the requirements and
6 needs of entrepreneurs, innovators, and start-up firms in
7 high-growth, high technology sectors; the potential of the
8 applicant's project to provide an economic benefit of the
9 State; and the likelihood that the project has a potential
10 for creating new ventures in the State. When awarding grants
11 under this Section, the Department shall give special
12 consideration to applicants located in counties with a
13 population of 200,000 or more that are adjacent to the
14 Mississippi River.
15 (h) The Director of the Department shall determine the
16 level of the grant award and shall determine the share of
17 total directly attributable costs of the project that may be
18 considered for funding under this Article.
19 (Source: P.A. 91-476, eff. 8-11-99.)