Bill Status of SB2562 103rd General Assembly
Short Description: BUSINESS LOAN PROGRAM
Sen. Willie Preston - Mattie Hunter
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Capital Development Board Act and the Toll Highway Act. Provides that the Capital Development Board and the Illinois Highway Toll Authority may make low-interest loans from the Working Capital Revolving Loan Fund to disadvantaged business enterprises or minority-owned businesses. Establishes a loan selection committee to review applications and select eligible businesses. Provides that the Board and Authority may set eligibility requirements for loans by administrative rule. Provides that loans shall not be used for: (1)the refinancing or payment of existing long-term debt; (2) the payment of non-current taxes; (3) the payment, advance, or loan to a stockholder, officer, director, partner, or member owner of a limited liability company; or (4) the purchase or lease of non-construction motor vehicles or equipment. Provides that loans may be made with interest. Limits the number of loans a business may receive. Provides that the Board and Authority shall give annual reports to the Governor and the General Assembly on the program. Provides that the authority to issue loans expires on June 1, 2028. Amends the State Finance Act. Establishes the Working Capital Revolving Loan Fund. Provides that transfers shall not exceed $20,000,000 a year, for a period of 5 years, from the Road Fund to the Working Capital Revolving Loan Fund as requested by the Commissioner of the Board or the Director of the Authority. Provides that no transfer will occur if the available balance in the Working Capital Revolving Loan Fund is equal to or greater than $40,000,000.