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Sen. Linda Holmes
Filed: 3/1/2010
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| AMENDMENT TO SENATE BILL 3817
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| AMENDMENT NO. ______. Amend Senate Bill 3817 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Department of Commerce and Economic |
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| Opportunity Law of the
Civil Administrative Code of Illinois is |
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| amended by adding Section 605-530 as follows:
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| (20 ILCS 605/605-530 new) |
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| Sec. 605-530. Veteran-owned small business loans. |
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| (a) In this Section: |
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| "Small business" means any for-profit business
in |
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| Illinois, including, but not limited to, any sole |
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| proprietorship,
partnership, corporation, joint venture, |
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| association, or
cooperative, which is expected to have fewer |
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| than
500 full-time employees. |
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| "Veteran" means an Illinois resident who has served as a |
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| member of the United States Armed Forces on active duty or |
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LRB096 20657 DRJ 37953 a |
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| State active duty, a member of the Illinois National Guard, or |
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| a member of the United States Reserve Forces and who has |
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| received an honorable discharge. |
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| "Veteran-owned small business" means a small business that |
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| is, in the Department's
judgment, at least 51% owned and |
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| managed by one or more persons who are veterans. |
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| (b) The Department may make participation loans to |
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| veteran-owned small businesses for the purposes of promoting |
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| the creation of veteran-owned small businesses and promoting |
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| the creation of jobs within small businesses. A loan made under |
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| this Section must meet the following requirements: |
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| (1) The loan may not exceed $100,000 or 50% of the |
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| business project costs
unless the Director determines that |
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| a waiver of these
limits is required to meet the purposes |
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| of this Section. |
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| (2) The loan may be made only if, in the Department's |
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| judgment, the number of
jobs to be created is reasonable in |
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| relation to the loan funds
requested. |
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| (3) The loan must be protected by security. Financial |
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| assistance may be
secured by first, second, or subordinate |
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| mortgage positions on real or
personal property, by royalty |
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| payments, by personal notes or guarantees, or
by any other |
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| security satisfactory to the Department to secure |
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| repayment. |
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| (4) The loan shall be in a principal amount and form |
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| and contain terms
and provisions with respect to security, |