Sec. 10-2. Definitions.

241 words·~1 min read·/il/chapter-30/act-750/10-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 10-2. Definitions. Unless the context clearly requires otherwise:

(a)"Financial institution" means a trust company, a bank, a savings bank, a credit union, an investment bank, a broker, an investment trust, a pension fund, a building and loan association, a savings and loan association, an insurance company or any venture capital company which is authorized to do business in the State.

(b)"Participating lender" means any trust company, bank, savings bank, credit union, investment bank, broker, investment trust, pension fund, building and loan association, savings and loan association, insurance company or venture capital company 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)"Business" means a for-profit, legal entity in Illinois including, but not limited to, any sole proprietorship, partnership, corporation, joint venture, association or cooperative.

(e)"Loan" means an agreement or contract to provide a loan or other financial aid to a business.

(f)"Project" means any specific economic development activity of a commercial, industrial, manufacturing, agricultural, scientific, service or other business, the result of which yields an increase in jobs and may include the purchase or lease of machinery and equipment, the lease or purchase of real property or funds for infrastructure necessitated by site preparation, building construction or related purposes but does not include refinancing current debt.

(g)"Fund" means the Large Business Attraction Fund created in Section 10-4.