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| | SB3807 Engrossed | | 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. |
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| | SB3807 Engrossed | - 2 - | LRB103 38516 MXP 68652 b |
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1 | | (2) Shall only be made if, in the Department's |
2 | | judgment, the number of jobs to be created or retained is |
3 | | reasonable in relation to the loan funds requested. |
4 | | (3) Shall be protected by security. Financial |
5 | | assistance may be secured by first, second or subordinate |
6 | | mortgage positions on real or personal property, by |
7 | | royalty payments, by personal notes or guarantees, or by |
8 | | any other security satisfactory to the Department to |
9 | | secure repayment. Security valuation requirements, as |
10 | | determined by the Department, for the purposes of this |
11 | | Section, may be less than required for similar loans not |
12 | | covered by this Section, provided the applicants |
13 | | demonstrate adequate business experience, entrepreneurial |
14 | | training or combination thereof, as determined by the |
15 | | Department. |
16 | | (4) Shall be in such principal amount and form and |
17 | | contain such terms and provisions with respect to |
18 | | security, insurance, reporting, delinquency charges, |
19 | | default remedies, and other matters as the Department |
20 | | shall determine appropriate to protect the public interest |
21 | | and consistent with the purposes of this Section. The |
22 | | terms and provisions may be less than required for similar |
23 | | loans not covered by this Section. |
24 | | (5) Notwithstanding anything in this Act to the |
25 | | contrary, eligible projects include, but are not limited |
26 | | to, refinancing current debt if the loan will refinance a |