| ||||
| Public Act 103-1051 | ||||
| ||||
AN ACT concerning State government. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Section 5. The Build Illinois Act is amended by changing | ||||
Section 9-4.3 as follows: | ||||
(30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3) | ||||
Sec. 9-4.3. Minority, veteran, female and disability | ||||
loans. | ||||
(a) In the making of loans for minority, veteran, female | ||||
or disability small businesses, as defined below, the | ||||
Department is authorized to employ different criteria in lieu | ||||
of the general provisions of subsections (b), (d), (e), (f), | ||||
(h), and (i) of Section 9-4. | ||||
Minority, veteran, female or disability small businesses, | ||||
for the purpose of this Section, shall be defined as small | ||||
businesses that are, in the Department's judgment, at least | ||||
51% owned and managed by one or more persons who are minority | ||||
or female or who have a disability or who are veterans. | ||||
(b) Loans made pursuant to this Section: | ||||
(1) Shall not exceed $2,000,000 $400,000 or 50% of the | ||||
business project costs unless the Director of the | ||||
Department determines that a waiver of these limits is | ||||
required to meet the purposes of this Act. | ||||
(2) Shall only be made if, in the Department's | ||
judgment, the number of jobs to be created or retained is | ||
reasonable in relation to the loan funds requested. | ||
(3) Shall be protected by security. Financial | ||
assistance may be secured by first, second or subordinate | ||
mortgage positions on real or personal property, by | ||
royalty payments, by personal notes or guarantees, or by | ||
any other security satisfactory to the Department to | ||
secure repayment. Security valuation requirements, as | ||
determined by the Department, for the purposes of this | ||
Section, may be less than required for similar loans not | ||
covered by this Section, provided the applicants | ||
demonstrate adequate business experience, entrepreneurial | ||
training or combination thereof, as determined by the | ||
Department. | ||
(4) Shall be in such principal amount and form and | ||
contain such terms and provisions with respect to | ||
security, insurance, reporting, delinquency charges, | ||
default remedies, and other matters as the Department | ||
shall determine appropriate to protect the public interest | ||
and consistent with the purposes of this Section. The | ||
terms and provisions may be less than required for similar | ||
loans not covered by this Section. | ||
(5) Notwithstanding anything in this Act to the | ||
contrary, eligible projects include, but are not limited | ||
to, refinancing current debt if the loan will refinance a | ||
loan previously made by a lender that is unaffiliated with | ||
the financial intermediary making the new loan and if the | ||
proceeds of the refinance transaction are not used to | ||
finance an extraordinary dividend or other distribution. | ||
(Source: P.A. 99-143, eff. 7-27-15; 100-377, eff. 8-25-17.) | ||