Public Act 095-0097
 		





HB1241 Enrolled
LRB095 09169 RCE 29362 b






    AN ACT concerning finance.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 5. The Build Illinois Act is amended  by changing 
Section 9-4.3 as follows:
 



    (30 ILCS 750/9-4.3)  (from Ch. 127, par. 2709-4.3)



    Sec. 9-4.3. Minority, female and disability loans. 

    (a) In the making of loans for minority, female or 
disability
small businesses, as defined below, the Department 
is authorized to employ
different criteria in lieu of the 
general provisions of subsections (b),
(d), (e), (f), (h), and 
(i) of Section 9-4.

    Minority, female or disability small businesses, for the 
purpose of this
Section, shall be defined as small businesses 
that are, in the Department's
judgment, at least 51% owned and 
managed by one or more persons who are
minority, female or 
disabled.

    (b) Loans made pursuant to this Section:


        (1) Shall not exceed $100,000
$50,000 or 50% of the 
    business project costs
unless the Director of the 
    Department determines that a waiver of these
limits is 
    required to meet the purposes of this Act.


        (2) Shall only be made if, in the Department's 
    judgment, the number of
jobs to be created or retained is 
    reasonable in relation to the loan funds
requested.


        (3) Shall be protected by security.  Financial 
    assistance may be
secured by first, second or subordinate 
    mortgage positions on real or
personal property, by royalty 
    payments, by personal notes or guarantees, or
by any other 
    security satisfactory to the Department to secure 
    repayment.
Security valuation requirements, as determined 
    by the Department, for the
purposes of this Section, may be 
    less than required for similar loans not
covered by this 
    Section, provided the applicants demonstrate adequate

    business experience, entrepreneurial training or 
    combination thereof, as
determined by the Department.


        (4) Shall be in such principal amount and form and 
    contain such terms
and provisions with respect to security, 
    insurance, reporting, delinquency
charges, default 
    remedies, and other matters as the Department shall

    determine appropriate to protect the public interest
and 
    consistent with the purposes of this Section.  The terms and 
    provisions
may be less than required for similar loans not 
    covered by this Section.

(Source: P.A. 87-1177; 88-422.)