Section 691.40 Qualified Partners

Section 691.40  Qualified Partners

a)         The

Department may enter into grant agreements, contracts, or intermediary

agreements with Qualified Partners to implement the Program. 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. The nature of the services provided by a Qualified

Partner shall determine whether the arrangement is a grant, procurement, or other

relationship.

b)         A

Qualified Partner shall operate as a non-profit 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 Qualified Business' eligibility for

financial assistance and monitoring Program Participants for compliance with

Program requirements.

d)         In

accordance with 20 ILCS 605/605-1050(h), nothing in this Part shall restrict

the Department from securing services from entities other than Qualified

Partners to assist in implementing the Program.