Contracts for Awards
Upon approval of an award from the Fund, the department will enter into a contract with the recipient If the recipient is a for-profit business, the contract will require, among other items, repayment of the grant if the department has determined the business has the ability to repay the grant without jeopardizing the viability of the business. The department will make this determination based, in part, on a recommendation from the contracted expert.
Upon approval of an award from the Fund, the department will determine the optimal method of delivering the business retention services to the recipient. In most instances, the department will identify an expert in the subject area in which the business is experiencing problems or an expert in the industry in which the business is engaged and enter into a contract with the expert for the provision of the business retention services.
The department must ensure that costs for contractors are consistent with usual and customary rates and that contractors are certified, licensed, or otherwise experienced and qualified in their field.