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| Public Act 096-0656 |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Department of Commerce and Economic | ||||
Opportunity Law of the
Civil Administrative Code of Illinois is | ||||
amended by adding Section 605-416 as follows: | ||||
(20 ILCS 605/605-416 new) | ||||
Sec. 605-416. Loans to qualified ex-offenders. | ||||
(a) The Department of Commerce and Economic Opportunity may | ||||
establish an ex-offender business ownership grant and loan | ||||
program. Funding for this program shall come from the | ||||
Ex-Offender Fund. The Department shall provide grants to | ||||
organizations and entities that work with ex-offenders and | ||||
facilitate the reentry of ex-offenders into society. | ||||
Organizations wishing to participate in the program must | ||||
present an application to the Department in order to receive | ||||
funding. | ||||
(b) Funding distributed from the Ex-Offender Fund may be | ||||
used only for the following purposes: | ||||
(1) For the awarding of grants to organizations and | ||||
entities to provide low interest loans to ex-offenders so | ||||
that these individuals may start and operate their own | ||||
businesses that have a positive impact on society. The | ||||
maximum amount of a loan funded by a grant under this | ||
Section that an ex-offender may receive is $5,000. | ||
(2) For the awarding of grants to entities or | ||
organizations assisting ex-offenders, so that individual | ||
ex-offenders may develop business plans to start up their | ||
own businesses. These grants are to be used for the sole | ||
purpose of acquiring a business plan developed by a | ||
credible source. In order to receive these grants, | ||
qualified ex-offenders must submit an application and | ||
provide 50% of the cost to develop the business plan. | ||
(3) For the administration costs of the program. | ||
(c) For purposes of this Section, "qualified ex-offender" | ||
means any person who: | ||
(1) is an eligible offender, as defined under Section | ||
5-5.5-5 of the Unified Code of Corrections; | ||
(2) was sentenced to a period of incarceration in an | ||
Illinois adult correctional center; and | ||
(3) presents an application and a professional | ||
business plan to the organization or entity that is making | ||
the loan. | ||
Section 10. The State Finance Act is amended by adding | ||
Section 5.719 as follows: | ||
(30 ILCS 105/5.719 new) | ||
Sec. 5.719. The Ex-Offender Fund.
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Section 99. Effective date. This Act takes effect January | ||
1, 2010.
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