Bill Text: IL HB5621 | 2023-2024 | 103rd General Assembly | Engrossed
Bill Title: Amends the Build Illinois Act. Makes a technical change in a Section concerning the short title.
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: (Engrossed) 2024-05-25 - Rule 2-10 Third Reading Deadline Established As May 26, 2024 [HB5621 Detail]
Download: Illinois-2023-HB5621-Engrossed.html
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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Build Illinois Act is amended by changing | ||||||
| 5 | Section 9-4.3 as follows:
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| 6 | (30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3) | ||||||
| 7 | Sec. 9-4.3. Minority, veteran, female and disability | ||||||
| 8 | loans. | ||||||
| 9 | (a) In the making of loans for minority, veteran, female | ||||||
| 10 | or disability small businesses, as defined below, the | ||||||
| 11 | Department is authorized to employ different criteria in lieu | ||||||
| 12 | of the general provisions of subsections (b), (d), (e), (f), | ||||||
| 13 | (h), and (i) of Section 9-4. | ||||||
| 14 | Minority, veteran, female or disability small businesses, | ||||||
| 15 | for the purpose of this Section, shall be defined as small | ||||||
| 16 | businesses that are, in the Department's judgment, at least | ||||||
| 17 | 51% owned and managed by one or more persons who are minority | ||||||
| 18 | or female or who have a disability or who are veterans. | ||||||
| 19 | (b) Loans made pursuant to this Section: | ||||||
| 20 | (1) Shall not exceed $2,000,000 $400,000 or 50% of the | ||||||
| 21 | business project costs unless the Director of the | ||||||
| 22 | Department determines that a waiver of these limits is | ||||||
| 23 | required to meet the purposes of this Act. | ||||||
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| 1 | (2) Shall only be made if, in the Department's | ||||||
| 2 | judgment, the number of jobs to be created or retained is | ||||||
| 3 | reasonable in relation to the loan funds requested. | ||||||
| 4 | (3) Shall be protected by security. Financial | ||||||
| 5 | assistance may be secured by first, second or subordinate | ||||||
| 6 | mortgage positions on real or personal property, by | ||||||
| 7 | royalty payments, by personal notes or guarantees, or by | ||||||
| 8 | any other security satisfactory to the Department to | ||||||
| 9 | secure repayment. Security valuation requirements, as | ||||||
| 10 | determined by the Department, for the purposes of this | ||||||
| 11 | Section, may be less than required for similar loans not | ||||||
| 12 | covered by this Section, provided the applicants | ||||||
| 13 | demonstrate adequate business experience, entrepreneurial | ||||||
| 14 | training or combination thereof, as determined by the | ||||||
| 15 | Department. | ||||||
| 16 | (4) Shall be in such principal amount and form and | ||||||
| 17 | contain such terms and provisions with respect to | ||||||
| 18 | security, insurance, reporting, delinquency charges, | ||||||
| 19 | default remedies, and other matters as the Department | ||||||
| 20 | shall determine appropriate to protect the public interest | ||||||
| 21 | and consistent with the purposes of this Section. The | ||||||
| 22 | terms and provisions may be less than required for similar | ||||||
| 23 | loans not covered by this Section. | ||||||
| 24 | (5) Notwithstanding anything in this Act to the | ||||||
| 25 | contrary, eligible projects include, but are not limited | ||||||
| 26 | to, refinancing current debt if the loan will refinance a | ||||||
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