Sec. 650.40 - Selection for Funding
§ 650.40. Selection for Funding
a) Applications that best meet the objectives of the Program and demonstrate the greatest potential for benefit to persons and communities directly and adversely impacted by enforcement of cannabis-related laws may be issued conditional commitment letters or approved to participate in the Program. The conditional commitment letters may be provided to and relied upon by DFPR or DOA in scoring applications for licensure under the Act. The conditional commitment letters will indicate that the Business Applicant is eligible for funding under the Program if it is issued a license under the Act. The amount of funding will be expressed as a minimum amount, but the total funding amount will be determined after licenses have been issued.
b) Funding Terms. The amount of funding available to a Business Applicant, the repayment terms, the applicable interest rates, and other terms will be determined after the Business Applicant is verified to be a Qualified Social Equity Applicant.
c) Conditions to Close. To proceed to closing, a Qualified Social Equity Applicant must maintain its eligibility for the loan or line of credit and comply with all pre-closing instructions. The Department will verify that the Business Applicant remains eligible prior to closing, and it may decline issuance of a loan or line of credit if the Business Applicant ceases to be a Social Equity Applicant, if funding from the Department is not necessary due to additional investment in the company post-license issuance, or if the Business Applicant is unable to fulfill all terms of the loan or line of credit agreement.(Added at 44 Ill. Reg. 10094, effective May 27, 2020.)
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