Public Act 103-1051
 
SB3807 EnrolledLRB103 38516 MXP 68652 b

    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.)

Effective Date: 1/1/2025