(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.)
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