Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3820/5

(20 ILCS 3820/5)

Sec. 5.

Purpose.

The purpose of this Act is to create a State
entity to support the creation and growth of community development
financial institutions, which provide access to capital for business
development, capital investments, and other financing to expand private
sector activities in economically disadvantaged communities and for low
income people, by providing grants, loans, and technical assistance to
CDFIs.  Assistance by this entity would (i) expand financial services and
capital access in economically disadvantaged communities, (ii) provide
support for the creation of new small businesses and new jobs in
economically disadvantaged communities, (iii) create opportunities for
banks to get a federal incentive for investments in a CDFI, (iv) increase
this State's share of the money distributed annually by the federal
Community Development Financial Institutions Fund, and (v) create a
new partnership between the State, banks and thrifts, and CDFIs.

(Source: P.A. 92-864, eff. 6-1-03.)