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The Department of Commerce and Economic Opportunity Entrepreneurship Award Program
Frequently Asked Questions
(To download a pdf of these FAQ's click here)
1. How much money is available for award distribution?
2. How is this program funded?
3. Where do I go for assistance with the application?
4. How fast will I know if I qualify for the award?
5. How do I submit my application?
6. What is an award administrator?
7. What can the award be used for?
8. How is the award money distributed?
9. What help can the Entrepreneurship Center provide?
10. What is the recommended format for the Executive Summary?
11. Who evaluates the award application?
12. What types of businesses are eligible to apply for the awards?
13. What is the next step after I have submitted my application?
14. What is a contracted service provider and where can I find one?
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1. How much money is available for award distribution?
Currently the Southern Illinois Entrepreneurship Center (SIEC) has $50,000 available for small businesses throughout southern Illinois and has the ability to request an additional $50,000 if there is sufficient demand. Each eligible applicant can apply for up to a $10,000 maximum award that must be matched dollar for dollar by the applicant.
2. How is this program funded?
The Southern Illinois Entrepreneurship Center and the SIEC Award Program are funded by the State of Illinois through the Department of Commerce and Economic Opportunity (DCEO). The Southern Illinois Entrepreneurship Center is part of Governor Blagojevich's Southern Regional Plan.
3. Where do I go for assistance with the application?
One of our Illinois Entrepreneurship Network Partners. (Click Here)
4. How fast will I know if I qualify for the award?
When a completed application is submitted, SIEC staff will review the application and contact the applicant to schedule a meeting. During this meeting an SIEC project manager will review the application package with the applicant, review the applicant's business plan, and go over the application scoring process; this meeting will take approximately one hour. After the initial meeting and determination of applicant eligibility, the application will be forwarded to our Awards Committee for judging. This judging process takes three weeks after which the applicant will be contacted regarding the status of their application.
5. How do I submit my application?
We require electronic submission of the SIEC Award Application form, Executive Summary and answers to the Entrepreneurial Questions. Click here to apply online. The Executive Summary and Entrepreneurial Questions should be submitted as an MS Word document (.doc) or in rich text format (.rtf). If you need assistance with the electronic submission of any of these documents, please contact one of our network partners. At the initial meeting applicant signatures will be required on SIEC supplied copies of the Applicant Award Certifications page and the Award Application. These documents will be retained as hard copies in the SIEC for our record-keeping purposes.
6. What is an award administrator?
An award administrator is the person within your organization who is designated to handle all details and paperwork related to grant funds disbursements to contracted service providers. Some applicants might elect to have their accountant or bookkeeper as the award administrator.
7. What can the award be used for?
The award is to be used for business planning activities to help the business reach defined business milestones. Broad categories of services may include those related to
• overall business strategy
• marketing strategies and plans
• professional services
• technology and product assessments/development
• financial modeling
• funding strategies
• management development team
Business planning is a very broad area and encompasses many issues; to ensure that your proposed business planning activity falls within the SIEC Award guidelines, please contact the SIEC directly. The goal of the SIEC Award program is to assist applicants with the successful achievement of a significant business milestone through award funding. However, given limited funding availability, generally the following project costs will not be eligible:
1. Legal costs associated with establishing or incorporating your business
2. Architectural, engineering and design costs
3. Rental or purchase of land or buildings or any improvements or furnishings to land or buildings
4. Software or office equipment
5. Business valuation or appraisal fees
6. Loan application/origination fees
7. Fees for lobbying elected assemblies or for entertainment
8. How is the award money distributed?
The award funds will be distributed directly to the applicant's contracted service provider.
9. What help can the Entrepreneurship Center provide?The SIEC and our network partners can provide assistance with the preparation of your application package. The SIEC coordinates services available from our Illinois Entrepreneurship Network partners throughout the state by providing the following specialized services:
• Conduct business assessments that identify gaps and limitations in the client's current operation.
• Provide business coaching services to assist clients in developing professional funding pitches for investor meetings.
• Provide advanced financial assistance and planning including determining capital needs and making investor introductions.
• Provide targeted accelerated services for clients that have high growth potential.
10. What is the recommended format for the Executive Summary?
To effectively develop an Executive Summary, please refer to the SIEC Executive Summary Guideline (PDF). This guideline was developed for the applicants to the SIEC Award program; it will help in the preparation of an effective Executive Summary for evaluation purposes. Please remember to limit your Executive Summary to 3 pages for SIEC Award application purposes. At the initial meeting, SIEC staff will review the applicant's full business plan.11. Who evaluates the award application?
An Awards Committee has been structured from our Managing Board and includes successful entrepreneurs, attorneys, bankers, and outside equity investors. No staff members from SIEC and/or Illinois Department of Commerce and Economic Opportunity are members of the Awards committee.12. What types of businesses are eligible to apply for the awards?
Eligible applicants include any small- or medium-sized for-profit, entrepreneurial business of 500 employees or less, located in the State of Illinois, that is or will be engaged in creating new services or products with high-growth potential, and that has had a growth rate or is projected to have a growth rate of at least 10% in employment and/or revenue annually over a three-year period.13. What is the next step after I have submitted my application?
Staff from SIEC will contact you to set up a meeting to discuss your application and proposed project. After that meeting, the application, if complete and eligible, will proceed to our Awards Committee for scoring and the applicant will be informed of a decision within three weeks from the date the application is submitted to the committee.14. What is a contracted service provider and where can I find one?
A contracted service provider is the entity the applicant chooses to assist them with their business planning activity. This could include accountants, consultants, trainers, financial analysts, and/or others. These providers will be required to sign a service contract and complete an initial screening by SIEC staff. If you have not identified a contracted service provider for your proposed business planning activity, contact the SIEC for assistance in identifying a list of candidates.
COPYRIGHT 2005 SOUTHERN ILLINOIS ENTREPRENEURSHIP CENTER