(30 ILCS 750/9-2) (from Ch. 127, par. 2709-2)
Sec. 9-2. Definitions. The following terms,
whenever used or referred to in this Article, shall have the
following meanings ascribed to them, except where the context
clearly requires otherwise:
(a) "Financial intermediary" means
a community development corporation, a state
development credit corporation, a development authority authorized to do
business by an act of this State, or other public or
private financing
institution
approved by the Department whose purpose includes financing, promoting, or
encouraging economic development.
(b) "Participating lender" means any trust company,
bank, savings bank, credit union, merchant bank, investment bank, broker,
investment trust, pension fund, building and loan association,
savings and loan association, insurance company, venture capital company or
other
institution approved by the Department which assumes a
portion of the financing for a business project.
(c) "Department" means the Illinois Department of Commerce
and
Economic Opportunity.
(d) "Small business" means any for-profit business
in Illinois including, but not limited to, any sole proprietorship,
partnership, corporation, joint venture, association or
cooperative, which has, including its affiliates, less than
500 full time employees, or is determined by the Department
to be not dominant in its field.
Business concerns are affiliates of one another
when either directly or indirectly (i) one concern controls
or has the power to control the other, or (ii) a third party
or parties controls or has the power to control both.
Control can be exercised through common ownership, common
management and contractual relationships.
(e) "Qualified security" means any note, stock,
convertible security, treasury stock, bond, debenture,
evidence of indebtedness, limited partnership interest,
certificate of interest or participation in any profit-sharing
agreement, preorganization certificate or subscription,
transferable share, investment contract, certificate of
deposit for a security, certificate of interest or participation
in a patent or application therefor, or in royalty or
other payments under such a patent or application, or, in
general, any interest or instrument commonly known as a
"security" or any certificate for, receipt for, guarantee of,
or option, warrant or right to subscribe to or purchase any
of the foregoing, but not including any instrument which
contains voting rights or can be converted to contain voting
rights in the possession of the Department.
(f) "Loan agreement" means an agreement
or contract to provide a loan or accept a mortgage or to
purchase qualified securities or other means whereby financial
aid is made available to a start-up, expanding, or mature, moderate risk
small business.
(g) "Loan" means a loan or acceptance
of a mortgage or the purchase of qualified securities or
other means whereby financial aid is made to a start-up, expanding, or
mature,
moderate risk small business.
(h) "Equity investment agreement" means an agreement
or contract to provide a loan or accept a mortgage or to
purchase qualified securities or other means whereby financial
aid is made available to or on behalf of a young, high risk,
technology based small business.
(i) "Equity investment" means a loan or acceptance
of a mortgage or the purchase of qualified securities
or other means whereby financial aid is made to or on behalf of a young,
high
risk, technology based small business.
(j) "Project" means any specific economic development
activity of a commercial, industrial, manufacturing,
agricultural, scientific, service or other business, the
result of which is expected to yield an increase in or retention of jobs
or
the modernization or improvement of competitiveness of firms and may include
working capital financing, the purchase or lease of machinery
and equipment, or the lease or purchase of real property but
does not include refinancing current debt.
(k) "Technical assistance agreement" means an agreement or contract or
other means whereby financial aid is made available to not-for-profit
organizations for the purposes outlined in Section 9-6 of this Article.
(l) "Financial intermediary agreement" means an agreement or contract
to provide a loan, investment, or other financial aid to a financial
intermediary for the purposes outlined in Section 9-4.4 of this Article.
(m) "Equity intermediary agreement" means an agreement or contract to
provide a loan, investment, or other financial aid to a financial intermediary
for the purposes outlined in Section 9-5.3 of this Article.
(n) "Other investor" means a venture capital
organization or association; an investment partnership, trust
or bank; an individual, accounting partnership or corporation
that invests funds, or any other entity which provides debt
or equity financing for a business project.
(o) "Veteran" means an Illinois resident who has served as a member of the United States Armed Forces on active duty or State active duty, a member of the Illinois National Guard, or a member of the United States Reserve Forces and who has received an honorable discharge. (Source: P.A. 96-1106, eff. 7-19-10.)
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