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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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