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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB3807 Introduced 2/9/2024, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED: | | 30 ILCS 750/9-4.3 | from Ch. 127, par. 2709-4.3 |
| Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution. |
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| | A BILL FOR |
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| | SB3807 | | LRB103 38516 MXP 68652 b |
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1 | | AN ACT concerning State government. |
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, veteran, female and disability |
8 | | loans. |
9 | | (a) In the making of loans for minority, veteran, female |
10 | | or disability small businesses, as defined below, the |
11 | | Department is authorized to employ different criteria in lieu |
12 | | of the general provisions of subsections (b), (d), (e), (f), |
13 | | (h), and (i) of Section 9-4. |
14 | | Minority, veteran, female or disability small businesses, |
15 | | for the purpose of this Section, shall be defined as small |
16 | | businesses that are, in the Department's judgment, at least |
17 | | 51% owned and managed by one or more persons who are minority |
18 | | or female or who have a disability or who are veterans. |
19 | | (b) Loans made pursuant to this Section: |
20 | | (1) Shall not exceed $2,000,000 $400,000 or 50% of the |
21 | | business project costs unless the Director of the |
22 | | Department determines that a waiver of these limits is |
23 | | required to meet the purposes of this Act. |