ENTREPRENEURSHIP CENTER NETWORK AWARD PROGRAM APPLICATION GUIDELINES
Introduction |
Download the Award Application |
The Illinois Department of Commerce and Economic Opportunity (DCEO) has established an award program to be administered by the Entrepreneurship Centers (EC) located throughout Illinois. The purpose of this award program is to assist individual entrepreneurs or small businesses with obtaining professional services for comprehensive business planning assistance, the evaluation of a proposed start up or expansion, or other accelerated support purposes. Each EC's Advisory Board will be responsible for evaluating the unique professional service needs of entrepreneurs and small businesses in its particular region. However, award funding must be targeted to the successful achievement of a significant business milestone for client firms.
Summary of Application Award Process
Award applications completed in accordance with the instructions established by the EC shall be reviewed and evaluated by EC staff. Evaluations will be used to rank responsive applications and make funding recommendations to the Awards Committee of the Advisory Board. Applicants may be notified of deficiencies and may be given the opportunity to make corrections. DCEO anticipates a significant demand for this award program. As such, the application process will be competitive and the award process will be based on project viability, growth potential, public purpose and other merit-based factors. Each EC will notify applicants of the evaluation determination within 30 days of receiving a completed, acceptable application. In those circumstances where award applications do not meet these criteria for entrepreneurship awards, EC staff may recommend alternative assistance programs through the state's existing network of service providers.
Eligible Applicants
Eligible applicants include any small- or medium-sized for-profit, entrepreneurial business of 500 employees or less, located in the North Central Region. The eligible business is or will be engaged in creating new services or products with high-growth potential (has had a growth rate or is projected to have a growth rate of at least 10% in employment and revenue annually over a three-year period).
Eligible Project Costs
Eligible Project Costs include the provision or acquisition of professional services for comprehensive business planning assistance or the successful achievement of a significant business milestone for client firms. Broad categories of services may include those related to: overall business strategy; marketing strategies and plans; legal or accounting services; technology or product audits; financial modeling; funding strategies; management operations and budgeting; or other specialized or accelerated services that are deemed critical to the successful achievement of a significant business milestone for client firms.
Project costs eligible for an award include the following:
- Legal services for:
- Obtaining patents, copyrights, or trademarks
- 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 Project Costs
The Department recognizes that many types of professional businesses services are available and beneficial to entrepreneurs and small businesses. However, given limited funding availability, the EC award program will be restricted to business planning activities. The EC's Advisory Board will have discretion to determine special funding circumstances, in consultation with DCEO. Generally, the following project costs will not be eligible for award funding:
- Legal costs associated with establishing or incorporating your business
- Architectural, engineering and design costs
- Rental or purchase of land or buildings or any improvements or furnishings to land or buildings or office equipment including computer equipment and software
- Business valuation or appraisal fees
- Loan application/origination fees
- Fees for lobbying elected assemblies or for entertainment
- Salaries/wages for owners/employee
Funding Availability/Match Requirement
The maximum funding available per individual award is up to $5,000 of Eligible Project Costs. Applicants will be required to provide a cash match of 100 percent of the award amount.
Award Application Assistance
For additional assistance please contact the Turner Center for Entrepreneurship (tce@bradley.edu) or the Illinois Small Business Development Center (sbdc@bradley.edu) at (309)-677-4321
Award Submission
Please submit the completed Award Application to the Turner Center for Entrepreneurship by FAX: (309)-677-3386, eMAIL, or U.S. Mail to:
Turner Center for Entrepreneurship
Foster College of Business Administration
Bradley University
1501 Bradley Avenue
141 Jobst Hall
Peoria, IL 61625
Download the Award Application
(Adobe PDF file)