Full Text of HB6705 93rd General Assembly
HB6705 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB6705
Introduced 02/09/04, by Patricia R. Bellock - Angelo Saviano SYNOPSIS AS INTRODUCED: |
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30 ILCS 750/9-4.3 |
from Ch. 127, par. 2709-4.3 |
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Amends the Build Illinois Act. Increases the limit on loans to minority,
female, or disabled small businesses from $50,000 or 50% of project costs to
$750,000 or 50% of project costs.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB6705 |
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LRB093 18690 SJM 44417 b |
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| AN ACT concerning small business loans.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Build Illinois Act is amended by changing
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| Section 9-4.3 as follows:
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| (30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3)
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| Sec. 9-4.3. Minority, female and disability loans.
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| (a) In the making of loans for minority, female or | 9 |
| disability
small businesses, as defined below, the Department | 10 |
| is authorized to employ
different criteria in lieu of the | 11 |
| general provisions of subsections (b),
(d), (e), (f), (h), and | 12 |
| (i) of Section 9-4.
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| Minority, female or disability small businesses, for the | 14 |
| purpose of this
Section, shall be defined as small businesses | 15 |
| that are, in the Department's
judgment, at least 51% owned and | 16 |
| managed by one or more persons who are
minority, female or | 17 |
| disabled.
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| (b) Loans made pursuant to this Section:
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| (1) Shall not exceed $750,000
$50,000 or 50% of the | 20 |
| business
project costs
unless the Director of the | 21 |
| Department determines that a waiver of these
limits is | 22 |
| required to meet the purposes of this Act.
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| (2) Shall only be made if, in the Department's | 24 |
| judgment, the number of
jobs to be created or retained is | 25 |
| reasonable in relation to the loan funds
requested.
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| (3) Shall be protected by security. Financial | 27 |
| assistance may be
secured by first, second or subordinate | 28 |
| mortgage positions on real or
personal property, by royalty | 29 |
| payments, by personal notes or guarantees, or
by any other | 30 |
| security satisfactory to the Department to secure | 31 |
| repayment.
Security valuation requirements, as determined | 32 |
| by the Department, for the
purposes of this Section, may be |
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HB6705 |
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LRB093 18690 SJM 44417 b |
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| less than required for similar loans not
covered by this | 2 |
| Section, provided the applicants demonstrate adequate
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| business experience, entrepreneurial training or | 4 |
| combination thereof, as
determined by the Department.
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| (4) Shall be in such principal amount and form and | 6 |
| contain such terms
and provisions with respect to security, | 7 |
| insurance, reporting, delinquency
charges, default | 8 |
| remedies, and other matters as the Department shall
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| determine appropriate to protect the public interest
and | 10 |
| consistent with the purposes of this Section. The terms and | 11 |
| provisions
may be less than required for similar loans not | 12 |
| covered by this Section.
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| (Source: P.A. 87-1177; 88-422.)
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