(20 ILCS 700/Art. 3.5 heading)
(20 ILCS 700/3501)
Sec. 3501.
Business Modernization Initiative.
The Department may create
one or more programs under this Article to assist the State's existing
mature business and industry base to adopt and use appropriate technologies.
The programs may vary in breadth of activities, services, and projects in
accordance with the level or complexity of the manufacturers' needs or
problems. The Department's programs shall emphasize
the provision of
comprehensive assistance.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3505)
Sec. 3505.
Modernization Retooling Loan Program.
(a) The Department may establish,
subject to available appropriated funds, a loan program that will
improve businesses' production systems and work organization to
preserve and create private sector jobs by increasing the firms'
long-term
competitive viability. The program may provide loans to, or on behalf of,
the State's mature, small, or medium-sized businesses for the modernization and
installation of advanced technologies or processes.
(b) A loan made for company modernization or retooling may
be for any purpose consistent with the objectives of this Act including, but
not limited to, purchases of advanced machinery, equipment, and tooling;
organizational expenses for services, personnel training, and corporate
restructuring; working capital; acquisition, improvement, or rehabilitation
of land and buildings that are an integral part of a new production or process
technology; or any other business expense reasonably related to the
project. No loan made by the Department shall
be used to pay for the retirement of previous debt unless the debt is a part
of the purchase or lease of machinery or equipment that is being upgraded.
(c) In determining if a loan is to be provided, the Department
shall determine whether there will be an expected improvement in production
levels, quality of output, or timeliness of
delivery and that the number of jobs to be created or retained is reasonable in
relation to the loan funds requested. A loan to an eligible applicant for
modernization or retooling shall not be made for more than $500,000 or for more
than 25% of the business project costs unless the Director
determines that a waiver of these limits is required to meet the purposes of
this Act.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3510)
Sec. 3510.
Development Corporation Program.
(a) The Department may provide,
subject to available appropriated funds, financial assistance to the
State's mature, small, or medium-sized businesses through development
corporations that assume a responsibility for the administration of the loan
projects for the modernization and installation of advanced technologies.
(b) Development corporation financial assistance may be in the form of
direct loans, grants, or purchases of qualified security investments or
financial
assistance. Development credit corporations, financial intermediaries, or
other
entities whose purpose includes financing, promoting, or encouraging
commercialization, adoption, or implementation of advanced technologies,
processes, or products, as determined by the Department, may participate in
this
program.
(c) Financial assistance authorized under this Section shall be used by
the development corporation for loans or investments to firms to improve the
businesses' production systems and work organization that will
preserve and create private sector jobs by increasing the firms' long-term
competitive viability and may be used for the planning and operation of the
development corporation as approved by the Department through its agreement
with the development corporation.
(d) The Department is authorized to rely upon, and may provide for in
the execution of an agreement, the participating lender's or investor's review
on
behalf of the State and approval of the credit, collateral security, and
documentation; determination of eligibility, economic results expected, and the
prospects for viability and repayment; the collection and use of fees,
premiums,
or charges; the organization, servicing, and disbursement of financial
assistance; and such other purposes and activities as the Department, in its
sole discretion, shall determine to be reasonable, appropriate, and
consistent with the purposes of this Article.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3515)
Sec. 3515.
Modernization grants.
(a) Subject to available appropriated
funds, modernization grants may be made for the purpose of
financing, competitive assessments, or productivity improvement services
that the Department determines may result in technology enhancement,
retooling, restructuring, or other competitiveness improvements. Grants may
be made to, or on
behalf of, Illinois' mature, small, or medium-sized businesses for (i)
undertaking feasibility studies, competitiveness assessments, and productivity
audits to restore their businesses' competitiveness or (ii) the
modernization and installation of advanced manufacturing systems or processes
that will improve the businesses' production systems and work organization, or
will preserve and create private sector jobs by increasing the
firms' long-term competitive viability.
(b) Assistance authorized under this Section may be in the form
of direct grant agreements, agreements with private sector consultants on
behalf of a firm, or agreements with participating intermediary organizations
as authorized under Article 1.
(c) In determining the amount of a modernization grant,
the Department shall: (i) examine the level of expertise of the consultant or
firm undertaking the
competitiveness assessment or productivity improvement services; (ii)
evaluate the likelihood of an applicant's proposed competitiveness assessment
or productivity improvement
services resulting in a substantial improvement in the applicant's
operations; and (iii) determine whether improvement will result in the creation
or retention of jobs. Modernization grants to
eligible applicants shall not exceed $100,000 or 50% of the project costs,
unless the Director determines that a waiver of these limits
is required to meet the purposes of this Act.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3520)
Sec. 3520.
Manufacturing Extension Program.
(a) The
Department may establish, subject to available appropriated funds, a program of
statewide manufacturing extension centers serving the
geographic needs of the State's manufacturers, whose mission is to assist small
or medium-sized manufacturers with technological advancement, for
continuous improvement of business practices for these
firms to be better positioned to succeed against global competition.
(b) The Department may provide grants or may provide cost share or
reimbursements under this Section to support the operation of
manufacturing extension deliverers, including organizations financed through a
federal manufacturing extension partnership program. Manufacturing extension
deliverers can include universities and colleges, regional or sectorial based
organizations, technical
societies, or other similar groups.
(c) The Department may provide grant funds made available under
this Act to support professional development and capacity building of the
manufacturing extension system within the State as may be required for the
administration, operations, research, analysis, promotion, or training of
geographic based manufacturing extension centers.
(d) In determining which applicants shall be awarded a grant,
the Department shall conduct an evaluation of prior compliance with awards
programs; the relationship of a proposed project to the State's future economic
growth; the qualifications and expertise of organizations undertaking the
effort; the applicant's understanding of the requirements and needs of the
target groups served; the potential of the applicant's project to provide an
economic benefit of the State; the methods engaged to measure and track
performance; and the likelihood that the project has a potential for improving
the competitiveness of small and mid-sized manufacturers.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3525)
Sec. 3525.
Manufacturing and Export Base Services.
(a) The Department may, subject to available appropriated funds, establish a
program of statewide
assistance to the manufacturing and services export base of the State serving
the sector-wide needs of
small and medium-sized companies.
(b) The Department may provide grants, cost share funds, or reimbursements:
to
State or substate
programs providing better access to information; to reduce the impediments to
the flow of technical
information; and to provide Illinois manufacturers, producer firms, and export
services firms with better or
more timely access to the State's and the nation's technology base, including
industrial and engineering
consulting practices, university and research laboratory based engineers,
private commercial product
vendors, and other sources of technology or non-technology services.
(c) The Department may provide grants to those private, public, and
non-profit research institutions
and organizations that agree to serve as an intermediary to achieve the purpose
set forth in this Section
that continues to ensure Illinois' economic vitality and competitiveness.
(d) The Department may seek out applicants that may be considered for a
grant, and may
provide an award based on the qualifications and expertise of organizations
undertaking the effort, the
applicants understanding of the requirements and needs of the target groups
served, and the likelihood that
the proposed project will improve the State's future economic potential.
(Source: P.A. 91-476, eff. 8-11-99.)
(20 ILCS 700/3530)
Sec. 3530.
Eligible applicants; forms of
assistance. Financial assistance may be made to, or on behalf of, any
for-profit entity, sole proprietorship, partnership, corporation, or joint
venture
carrying on business, or organized to carry on business, in this State.
Financial assistance authorized under this Article may be made available
to not-for-profit organizations,
including educational agencies, business or trade associations, economic
development organizations, and participating lenders, in the form of
participation agreements,
direct loans, grant agreements, purchases of
qualified security, or any other form as determined by the Department.
(Source: P.A. 91-476, eff. 8-11-99.)
Structure Illinois Compiled Statutes