Synopsis As Introduced Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Rural Microbusiness Loan Program to provide $250,000 per fiscal year in loans for the establishment or support of businesses that: (i) employ 5 or fewer employees; (ii) are located in rural counties with a population of 100,000 or less; and (iii) are based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Limits the total amount of loans made to any borrower to $25,000 per fiscal year. Requires the Department to adopt rules concerning the administration of the program and to create a competitive application procedure. Requires a borrower to provide a certain portion of the financing for the project. Limits the term of the loan to no more than 5 years. Contains provisions concerning the interest rate, security required for the loan, and other terms. Provides that all interest generated by the loans shall be deposited into the Rural Microbusiness Loan Program Administrative Fund, a special fund in the State treasury, for the purpose of paying expenses related to the administration of the Rural Microbusiness Loan Program. Amends the State Finance Act to create the Rural Microbusiness Loan Program Administrative Fund. Effective immediately.
Fiscal Note (Department of Commerce and Economic Opportunity)
The fiscal impact of Senate Bill 15 on the Department of Commerce and Economic Opportunity is estimated to be up to $250,000 per fiscal year to make Rural Microbusiness Loans. The Department estimates that existing staff can be used to address all administrative duties associated with this new program.
Deletes everything after the enacting clause. Amends the Build Illinois Act. Establishes guidelines for the Department of Commerce and Economic Opportunity in the making of loans for rural micro-businesses and requires the Department to adopt rules for the administration of those loans. Defines "rural micro-business" as any business that (i) employees 5 or fewer full-time employees, including the owner if the owner is an employee of the business, and (ii) is based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Provides that certain direct appropriations from the General Revenue Fund by the General Assembly shall be deposited into the Illinois Capital Revolving Loan Fund. Effective immediately.