Business Enhancement Awards

The Western Illinois Entrepreneurship Center Network offers Business Enhancement Awards up to $5,000 to entrepreneurs and small business owners for specialized professional assistance for business creation and expansion.

Information and Application Assistance

Completed applications or questions regarding this program may be directed to:

Charles Bell
Western Illinois Entrepreneurship Center
300 Civic Center Plaza, Suite 256
Quincy, IL 62301
Phone: 217/223-4313
Fax: 217/231-2030
charlesb@gredf.org
www.gredf.org

Background
The Illinois Department of Commerce and Economic Opportunity (DCEO) has established an award program to be administered by the Western Illinois Entrepreneurship Center (WIEC). The purpose of this award is to support the creation of new and expansion of existing businesses in West Central Illinois. The award allows entrepreneurs and existing small and mid-size businesses to gain access to a broad range of professional services to accelerate the formation of new businesses and growth of existing businesses. The award is available on a competitive basis for specific projects to achieve significant business goals to support the business growth targets.

Summary of Award Application Process
Applications must be completed in accordance with the instructions provided and incomplete applications will be returned to the applicant. Applicants must meet the eligibility criteria as described below. WIEC staff will conduct initial screening of applications for completeness and to insure that applicants meet eligibility criteria.

The Award Review Committee will evaluate all applications and make funding recommendations to the WIEC Board of Directors. Each application will be evaluated based on project viability, growth potential, potential impact on the local economy, and other merit based factors. WIEC staff will notify applicants within 30 days of the decision of the committee. The Award process is expected to be highly competitive and those applicants who do not receive awards may be referred to alternative assistance programs. Funds will be dispersed to successful award applicants within 30 days of award determination.

To view and download an application: Business Enhancement Award Application

Eligible Applicants
Eligible applicants include any for-profit entrepreneurial business of 500 employees or less, located in western Illinois that intends to start or expand operations in Adams, Brown, Fulton, Hancock, Henderson, Knox, Mason, McDonough, Pike, Schuyler, Scott, and Warren Counties. These businesses must be engaged in creating new services or products with a high-growth potential and have a projected annual revenue growth of at least 10% over a five-year period. Eligible applicants must be able to document access to additional sources of funding beyond this award. This funding can include business revenues, other grant programs, loans, and personal capital that will support business growth.

Eligible Project Costs
Eligible Project Costs include professional services for specialized or accelerated services critical to the successful achievement of a significant business milestone. These services may include:

• Technology Development
• Product and Process Development
• Technology or Product Evaluations
• Feasibility Studies
• Other Specialized Services
• Legal and Accounting Services
• Market Research
• Marketing Plans

However, these services must be consistent with the business' strategy and must result in achieving significant business milestones to support the business growth.

Ineligible Project Costs
Given the limited funding available, projects funded will be restricted to business planning functions. In cases where the proposed project falls outside of the funding criteria, applicants may be referred to alternative assistance programs. Project costs not eligible for funding include but are not limited to:

• Legal costs associated with establishing or incorporating a business
• Architectural, engineering and design costs not related to technology development
• Rental or purchase of land or buildings or any improvements or furnishings
• Software or equipment purchases
• Business valuation or appraisal fees
• Loan applications/origination fees
• Fees for lobbying or contributions to elected officials
• Legal costs arising from applicant's liability from prior activities
• Entertainment costs

Funding Availability
Award funding is contingent upon the availability of funding from DCEO. Depending upon the project needs the individual award can be up to $5,000.

Applicant Requirements
Successful applicants will be required to provide and document a cash match of 100 percent of the award amount. This match should be used either to directly support the proposed project or support the anticipated growth of the business.

Applicants are required to submit follow-up documentation of project outcomes. This can include, but is not limited to, a narrative report of project, an itemized budget of project expenditures, and/or any documents developed as a result of project.