Section 690.40 Qualified Partners

Section 690.40  Qualified Partners

a)         The

Department may enter into Grant Agreements, contracts, or intermediary

agreements with qualified partners to implement the Program. The nature of the

services provided by the qualified partner shall determine whether the

arrangement is a grant, procurement, or other relationship. The Department may

award grants to qualified partners to provide financial assistance to qualifying

businesses or contract with qualified partners to secure services to implement

the Program.

b)         A qualified

partner shall include a non-profit agency or organization registered to conduct

business in the State of Illinois or a financial institution that has

demonstrated experience providing financing or services to businesses or

residents located in disproportionately impacted areas.

c)         An

agreement with a qualified partner shall specify the qualified partner's

responsibility, if any, for determining eligibility for financial assistance

and monitoring BIG participants for compliance with Program requirements.

d)         Nothing

in this Part shall restrict the Department from securing services from entities

other than qualified partners to assist in implementing the Program.