(20 ILCS 655/12-4)
(from Ch. 67 1/2, par. 621)
Any loan made under this Act
(a) Be made only if a participating lender, or
other funding source including the applicant, also provides
a portion of the financing with respect to the project, and
only if the Department determines, on the basis of all the
information available to it, that the project would not be
undertaken in Illinois unless the loan is provided. Such
other risk assumption may be in the form of a loan, letter of
credit, guarantee, loan participation, bond purchase, direct
cash payment or other form approved by the Department.
(b) Finance no more than 25% of the total
amount of any single project and be approved for amounts from
the Fund not to exceed $2,000,000 for any single project,
unless waived by the Director upon a finding that such waiver
is appropriate to accomplish the purposes of this Act.
(c) Be protected by adequate security satisfactory
to the Department to secure payment of the loan agreement.
(d) Be in such principal amount and form and contain
such terms and provisions with respect to property insurance,
repairs, alterations, payment of taxes and assessments,
delinquency charges, default remedies, additional security
and other matters as the Department shall determine adequate
to protect the public interest.
(e) Include provisions to call the loan agreement
as due and payable if the project is not completed, if the
project fails to generate anticipated employment opportunities
or if the business ceases to operate the project.
(f) Be made only after the Department has determined
that the loan will cause a project to be undertaken
which has the potential to create substantial employment in
relation to the principal amount of the loan.
(g) Be made with a business that has certified the
project is a new plant start-up or expansion and is not a
relocation of an existing business from another site in
Illinois unless that relocation results in substantial employment
(Source: P.A. 84-165.)