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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Build Illinois Act is amended by changing | ||||||
| 5 | Section 9-4.3 as follows:
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| 6 | (30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3)
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| 7 | Sec. 9-4.3. Minority, female and disability loans.
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| 8 | (a) In the making of loans for minority, female or | ||||||
| 9 | disability
small businesses, as defined below, the Department | ||||||
| 10 | is authorized to employ
different criteria in lieu of the | ||||||
| 11 | general provisions of subsections (b),
(d), (e), (f), (h), and | ||||||
| 12 | (i) of Section 9-4.
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| 13 | Minority, female or disability small businesses, for the | ||||||
| 14 | purpose of this
Section, shall be defined as small businesses | ||||||
| 15 | that are, in the Department's
judgment, at least 51% owned and | ||||||
| 16 | managed by one or more persons who are
minority, female or | ||||||
| 17 | disabled.
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| 18 | (b) Loans made pursuant to this Section:
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| 19 | (1) Shall not exceed $100,000
$50,000 or 50% of the | ||||||
| 20 | business project costs
unless the Director of the | ||||||
| 21 | Department determines that a waiver of these
limits is | ||||||
| 22 | required to meet the purposes of this Act.
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| 23 | (2) Shall only be made if, in the Department's | ||||||
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| 1 | judgment, the number of
jobs to be created or retained is | ||||||
| 2 | reasonable in relation to the loan funds
requested.
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| 3 | (3) Shall be protected by security. Financial | ||||||
| 4 | assistance may be
secured by first, second or subordinate | ||||||
| 5 | mortgage positions on real or
personal property, by royalty | ||||||
| 6 | payments, by personal notes or guarantees, or
by any other | ||||||
| 7 | security satisfactory to the Department to secure | ||||||
| 8 | repayment.
Security valuation requirements, as determined | ||||||
| 9 | by the Department, for the
purposes of this Section, may be | ||||||
| 10 | less than required for similar loans not
covered by this | ||||||
| 11 | Section, provided the applicants demonstrate adequate
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| 12 | business experience, entrepreneurial training or | ||||||
| 13 | combination thereof, as
determined by the Department.
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| 14 | (4) Shall be in such principal amount and form and | ||||||
| 15 | contain such terms
and provisions with respect to security, | ||||||
| 16 | insurance, reporting, delinquency
charges, default | ||||||
| 17 | remedies, and other matters as the Department shall
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| 18 | determine appropriate to protect the public interest
and | ||||||
| 19 | consistent with the purposes of this Section. The terms and | ||||||
| 20 | provisions
may be less than required for similar loans not | ||||||
| 21 | covered by this Section.
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| 22 | (Source: P.A. 87-1177; 88-422.)
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