HB1241 Engrossed LRB095 09169 RCE 29362 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Build Illinois Act is amended by changing
5 Section 9-4.3 as follows:
 
6     (30 ILCS 750/9-4.3)  (from Ch. 127, par. 2709-4.3)
7     Sec. 9-4.3. Minority, female and disability loans.
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.
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.
18     (b) Loans made pursuant to this Section:
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.
23         (2) Shall only be made if, in the Department's

 

 

HB1241 Engrossed - 2 - LRB095 09169 RCE 29362 b

1     judgment, the number of jobs to be created or retained is
2     reasonable in relation to the loan funds requested.
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
12     business experience, entrepreneurial training or
13     combination thereof, as determined by the Department.
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
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.
22 (Source: P.A. 87-1177; 88-422.)