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MREN – Entrepreneurship Center
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MREN-Millikin Regional Entrepreneurship Network
Suite 107, ADM Scovill Hall
1184 West Main St.
Decatur, IL 61822
Tel. 217-424-6267
MREN – Award Application
Introduction
The Illinois Department of Commerce and Economic Opportunity (DCEO) has established an
award program to be administered by new Entrepreneurship Centers (EC) located throughout
Illinois. The purpose of this award program is to assist individual entrepreneurs or small
businesses with obtaining professional services for comprehensive business planning
assistance, the evaluation of a proposed start up or expansion, or other accelerated support
purposes. Each EC’s Local Managing Board will be responsible for determining the unique
professional service needs of entrepreneurs and small businesses in its particular region.
However, award funding must be targeted to the successful achievement of a significant
business milestone for client firms.
Summary of Application Award Process
Award applications completed in accordance with the instructions established by the EC shall
be reviewed and evaluated by EC staff. Evaluations will be used to rank responsible
applications and make funding recommendations to the Local Managing Board. Applicants
may be notified of deficiencies and may be given the opportunity to make corrections. DCEO
anticipates a significant demand for this award program. As such, the application process will
be competitive and the award process will be based on project viability, growth potential,
public purpose and other merit-based factors. Each EC will notify applicants of the evaluation
determination within 30 days of receiving a completed, acceptable application. In those
circumstances where award applications do not meet these criteria for entrepreneurship
awards, EC staff may recommend alternative assistance programs through the state’s existing
network of service providers.
Eligible Applicants
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 revenue annually over a
three-year period.
Eligible Project Costs
Eligible project costs include the provision or acquisition of professional services for
comprehensive business planning assistance or the successful achievement of a significant
business milestone for client firms. Broad categories of services may include those related to:
overall business strategy; marketing strategies and plans; legal or accounting services;
technology or product audits; financial modeling; funding strategies; management operations
and budgeting; or other specialized or accelerated services that are deemed critical to the
successful achievement of a significant milestone for client firms.
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Ineligible Project Costs
The Department recognizes that many types of professional businesses services are available
and beneficial to the entrepreneurs and small businesses. However, given limited funding
availability, the EC award program will be restricted to business planning activities. The EC’s
Local Managing Board will have discretion to determine special funding circumstances, in
consultation with DCEO. Generally, the following project costs will not be eligible for award
funding:
Legal costs associated with establishing or incorporating your business
Architectural, engineering and design costs
Rental or purchase of land or buildings or any improvements or furnishings to land or
buildings
Software or office equipment
Business valuation or appraisal fees
Loan application/origination fees
Fees for lobbying elected assemblies or for entertainment
Funding Availability/Match Requirement
The maximum funding available per individual award is up to $5,000 of Eligible Project Costs.
Applicants may be required to provide a cash match of 100 percent of the award amount
directly to the Millikin Regional Entrepreneur Network at the time of requesting vendor
payments. Vendor payments are made directly by the MRE Network on behalf of the MREN
Award recipients.
Follow-up Financial Disclosure Obligations
The MRE Network is interested in tracking the success of its successful applicants (MREN-ECN
Award Recipients) and requests that all Award Recipients submit their updated quarterly
financials (actuals) and their most recent annual projections (at the end of every quarter); in
addition to any other milestones and achievements that they would like to highlight.
This is an informational request and not mandatory.
Award Application Assistance
The following resources are available to assist you in completing this application:
1. Application assistance is available at the following Small Business Development Center:
University of Illinois Extension Small Business Development Center – Decatur
Contact: Al Luchetti
2525 Federal Drive, Suite 1105
Decatur, IL 62526
Phone: (217) 875-4004
Fax: (217) 875-4334
e-mail: aluchett@uiuc.edu
2. For additional assistance please call the MREN-Entrepreneurial Center Network at 217-424-
6267.
Award Submission
Please submit the completed Award Application to the MREN by e-mail to:
MREN – Entrepreneurship Center
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MREN-Entrepreneurship Center Network Award Application
DESCRIPTION OF APPLICANT AND PROJECT
Contact Information
Name:
Ms.
Mr.
Dr.
Other
First: _____________________________ Last: ____________________________
Telephone: _________________________
E-mail Address: ____________________
Project Information
New Business
Existing Business
Federal Employee Identification Number: _____________________________________
Proposed Name of Business: _______________________________________________
Undetermined at this time
OR
Legal Name of Existing Business (as registered with the IRS):
_______________________________________________________________________
Proposed/Existing Legal Status of Your Organization for Award or Contract Purposes:
Sole Proprietor
Partnership
C Corp
S Corp
LLP
LLC
Women Owned
Minority Owned
Minority Classification: __________________________________________________
What is your Secretary of State file number?
______________________________
Not Applicable
Amount of award funding requested: _________________________________________
Please note that the proceeds of funds for the award funding requested needs to be clearly
outlined within the “Project Description” section.
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Information on the Business (If Existing)
(
Check box if providing home address information.)
Street Address:
City, State, Zip + 4:
Telephone: Fax:
Email: County:
Date Co. Established: Where Established:
Total Co. Employment: Total Illinois Employment:
Current No. of FTEs at Business Address Listed Above:
Annual Sales:
List All Current Illinois Locations
Identify who may sign the award agreement as an authorized signatory in the event an
award is awarded.
Name
Title
Telephone Number
Email Address
Who will be designated as the award administrator for the Awardee? (The designated award
administrator could be the entrepreneur, an attorney, a network partner or anyone assigned
by the applicant to oversee the award.)
Name
Title
Telephone Number
Email Address
MREN – Entrepreneurship Center
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Is there a sponsor (MRE Network Partner) for this Award Application? (If NO, type NA below.)
Name
Title
Telephone Number
Email Address
Directions
Please be precise in your “Project Description” and make sure you also address the question
listed within the “Entrepreneurial Criteria” contained within this application. Be as specific as
possible and consider your answers to each question carefully.
Be sure to submit this application with the “Project Description” and “Certification” pages
contained with this application.
Project Description
Please describe the proposed business venture, including the products/services you will be
providing. If an existing business, please provide the products/services currently offered and
a description of the new products/services to be offered or expansion plans for which you are
seeking assistance.
In addition, please list the professional services for which you are seeking assistance (e.g.,
marketing, management, financial, operational) and a complete description of how you intend
to use the proceeds of the award.
Entrepreneurial Criteria
The following questions are integral to the determination of projects that will qualify for
funding under the EC’s new award program for entrepreneurial ventures.
If known, what is the size of the market for your proposed venture?
What problem do you solve for the market?
Whom do you compete against in the market?
What makes you a unique player or gives you a competitive advantage over your
competitors?
Who are/will be your customers?
What is your management team’s experience in this industry? (Please attach
resumes.)
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Please complete the following table:
Q4 2007
Actual
Q1 2008
Projected
Q2 & Q3
2008
Projected
2008
Projected
2009
Projected
Sales
EBITDA
# of FTEs
Previous Year
(2007)
Current Year
(2008)
Projected
Year (2009)
Cash Flow
Statement
Balance
Sheet
Income
Statement
Profit & Loss
Statement
*Initial each box when Financial Statements are gathered to be submitted to MREN Grant
Committee.
Certifications
In submitting this application for award funding, the Applicant hereby certifies the following:
That to the best of its knowledge and belief, the information submitted here in is
accurate, true and correct.
That it recognizes this program is a competitive process and that not all applications
for funding will be approved.
That the application materials will not be returned.
That each and every piece of information is to be treated as confidential, a trade
secret or otherwise proprietary, must be clearly and individually identified as such by
the Applicant within this application.
That the Applicant may be asked and will be required to provide additional information
related to the business venture for which it is seeking award funding. This additional
information may include financial statements, tax returns, existing business plans or
other material that will assist the EC in making award funding determinations.
If your organization has recently received financial and/or advisory support from
banks, other financial organizations or business support agencies (e.g., commercial
banks; Economic Development Corporation of Decatur and Macon County; S.C.O.R.E.;
InDecatur Ventures, LLC; Community Investment Corporate of Decatur), please list
below. Please specify the organization and nature of support received. Also, please
indicate your approval for MREN to contact these organizations for information to
assist MREN in its review of your application.
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Entity (Contact Person):
Contact Permission
_____________________________________
_________________________
_____________________________________
_________________________
_____________________________________
_________________________
Do we have you permission to ask for information concerning economic ventures
relating to the grant proposal from these groups and entities?
___ Yes ___No
Signature:____________________________________________
Date:________________________________
Version: January 2, 2008
Disclaimer: This project was conducted with funds appropriated by the Illinois General Assembly to the
Department of Commerce and Economic Opportunity for and on behalf of entrepreneurs and does not
necessarily represent in whole or in part the viewpoint of the State of Illinois or the Department of
Commerce and Economic Opportunity.