The Illinois Notice of Award is a document used by the state of Illinois to notify a recipient that they have been selected to receive a grant, loan, or other form of financial assistance. This document typically includes information such as the amount of the award, the terms and conditions of the award, and the date the award is to be issued. There are two types of Illinois Notice of Award: a Grant Award Notice and a Loan Award Notice. A Grant Award Notice is issued by the state when a recipient has been selected to receive a grant and the award is being issued. A Loan Award Notice is issued by the state when a recipient has been selected to receive a loan and the loan is being issued. Both of these documents provide important information regarding the award, and recipients should carefully review them before accepting the award.