Section 340.40  Award Amounts

a)         All awards are subject to appropriation.

b)         Potential amounts for each type of grant proposal, subject to appropriation and number of applicants, are:

1)         A collaborative project is eligible for a grant of $1,000-$250,000 [505 ILCS 92/15(2(A)]. In a collaborative project, only the entity identified as the lead in the application will receive the grant funds.

2)         An individual project is eligible for a grant of $1,000-$75,000 [505 ILCS 92/15(2(B)].

c)         Matching Funds or Comparable Investments

1)         Matching funds (i.e. comparable investments) are not required for high need projects.

2)         All other projects require a 25% match.

A)        The recipient's comparable investments may be provided in cash, cash-equivalent investments, bonds, irrevocable letters of credits, time and labor, or any combination of those matching fund sources.

B)        Acceptable providers of matching funds include, but are not limited to, commercial, municipal, and private lenders; leasing companies; and grantors of funds. [505 ILCS 92/15(3)]