96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3702

 

Introduced 2/11/2010, by Sen. Michael Noland

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-418 new

    Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Authorizes the Department of Commerce and Economic Opportunity to establish a business ownership grant and loan program for unemployed individuals. Specifies the purposes for which grant funds may be used. Effective January 1, 2011.


LRB096 20382 HLH 36024 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3702 LRB096 20382 HLH 36024 b

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 Department of Commerce and Economic
5 Opportunity Law of the Civil Administrative Code of Illinois is
6 amended by adding Section 605-418 as follows:
 
7     (20 ILCS 605/605-418 new)
8     Sec. 605-418. Grants to qualified entities serving
9 unemployed individuals.
10     (a) Subject to appropriation, the Department of Commerce
11 and Economic Opportunity may establish a business ownership
12 grant and loan program to encourage the employment of
13 unemployed individuals. Funding for this program shall come
14 from the General Revenue Fund. The Department shall provide
15 grants to organizations and entities that work with unemployed
16 individuals to facilitate the entry or reentry of those persons
17 into the workforce. Organizations wishing to participate in the
18 program must present an application to the Department in order
19 to receive funding.
20     (b) Grant moneys may be used only for the following
21 purposes:
22         (1) For the awarding of grants to organizations and
23     entities to provide low interest loans to unemployed

 

 

SB3702 - 2 - LRB096 20382 HLH 36024 b

1     individuals so that those individuals may start and operate
2     their own businesses that have a positive impact on
3     society. The maximum amount of a loan funded by a grant
4     under this Section that an unemployed individual may
5     receive is $5,000.
6         (2) For the awarding of grants to entities or
7     organizations assisting unemployed individuals, so that
8     those individuals may develop business plans to start up
9     their own businesses. These grants are to be used for the
10     sole purpose of acquiring a business plan developed by a
11     credible source. In order to receive these grants,
12     qualified unemployed individuals must submit an
13     application and provide 50% of the cost to develop the
14     business plan.
15         (3) For administrative costs of the program.
 
16     Section 99. Effective date. This Act takes effect January
17 1, 2011.