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Page 21 of � � <br /> PART XI <br /> SCOPE OF WORK <br /> Grantee shall use Program Proceeds to fund the Loans and Investments to third <br /> party beneficiaries of the Grantee' s community development corporation in a <br /> manner consistent with its authorization under the Technology Advancement and <br /> Development Act, I11 . Rev. Stat. , 1989, ch. 127, par. 3701-1, et seq. <br /> 1. The Grantee shall provide Capitalization Funds as defined in Part II , <br /> Section 1 equal to three times the amount of the Grant Award from the <br /> Department. At least one third of the Capitalization shall be Matching <br /> Funds as defined in Part II , Section 5. <br /> 2. The Grantee shall use the Department' s financial assistance for the <br /> purpose of financing, promoting or encouraging commercialization, <br /> adoption or implementation of advanced technologies, processes or <br /> products in accordance with this Scope of Work. <br /> 3. Each third party beneficiary which receives Program Proceeds shall be <br /> a for-profit business whose benefit accrues to an Illinois-based <br /> operation. <br /> 4. During the Grant Term, Program Proceeds used to finance any third party <br /> beneficiary will be repaid to the Grantee and shall be used as subsequent <br /> Loans and Investments solely for the purposes set forth in this <br /> Agreement. <br /> 5. The portion of the financing to a third party beneficiary derived from <br /> Program Proceeds shall not exceed $100,000 and shall represent no more <br /> than 25 percent of the total Project investment. Grantee Matching Funds <br /> shall be loaned to or invested in third party beneficiaries on a 1:1 <br /> basis (a dollar for dollar basis on an equivalent term) with the Grant <br /> Award. Grantee funds shall be loaned to or invested in third party <br /> beneficiaries on a 1:1 basis (a dollar for dollar basis on an equivalent <br /> term) with Program Derived Income. <br /> 6. For each third party beneficiary Project financed in part with Program <br /> Proceeds, 0� to 75% of the Project must be provided by a lending <br /> institution or other investor other than the Grantee. <br /> 7. For each third party beneficiary Project financed with Program Proceeds, <br /> 5% to 10% owner equity (cash or other assets) is also required for each <br /> Project. <br /> 8. The targeted ratio of Program Proceeds provided to a third party <br /> beneficiary to jobs created/retained will range up to $15,000 per job. <br /> - 21 - <br />