| The Illinois Department of Commerce and Economic Opportunity has established an award program to assist entrepreneurs or small businesses with obtaining professional services for comprehensive business plan assistance, evaluation of a proposed start-up or expansion, or other accelerated support purposes. Award funding will be determined based on the potential for successful achievement of a significant business milestone for client firms.
Award applicants must meet the requirements listed to be an eligible NWREC client.
Eligible uses of funds include:
The provision or acquisition of professional services for:
· Legal services for:
o Obtaining patents, copyrights, or trademarks
o Evaluation of contractual agreements and documentation
· Comprehensive business planning assistance
· Successful achievement of a significant business milestone
· Overall business strategy
· Marketing strategies and plans
· Funding strategies
· Management operations and budgeting
· Other specialized or accelerated services deemed critical to the successful achievement of a significant business milestone
Ineligible uses of award funding include:
· Legal costs associated with establishing or incorporating a business
· Architectural, engineering, and design costs
· Rental or purchase of land or buildings or any improvements or furnishings to land or buildings
· Business valuation or appraisal fees
· Software or equipment purchases
· Loan application/origination fees
Maximum funding per award is up to $5000 of eligible project costs. Applicants are required to provide a cash match of 100% of the award amount. Applications will be awarded based on their display of project viability, growth potential, public purpose, or other merit-based factors.
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