Illinois Senate Bill 708 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 2)
Status: Introduced on February 3 2015 - 25% progression, died in committee
Action: 2015-04-30 - Added as Co-Sponsor Sen. William R. Haine
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Microloan Program Act. Provides that the Director of Commerce and Economic Opportunity may (i) make grants to eligible intermediaries for the purpose of making short-term, fixed interest rate microloans to small business concerns, (ii) make grants to these intermediaries for the purpose of providing intensive marketing, management, and technical assistance to small business concerns that are borrowers under the Act, (iii) issue grants to administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for grants made to intermediaries; marketing, management, and technical assistance grants to intermediaries; and the equitable distribution of intermediaries. Provides that the Department of Commerce and Economic Opportunity may issue grants to administer a training program for intermediaries that presently have minimal or no expertise or experience in microlending. Requires the Department to file certain reports with the General Assembly. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act. Amends the State Finance Act. Creates the Business Loan and Investment Fund as a special fund in the State treasury.

MICROLOAN PROGRAM ACT

Sen. Dan Kotowski [D]

Sen. William Haine [D]

Date	Chamber	Action
2015-04-30	Senate	Added as Co-Sponsor Sen. William R. Haine
2015-03-27	Senate	Rule 3-9(a) / Re-referred to Assignments
2015-03-25	Senate	Postponed - Financial Institutions
2015-02-11	Senate	Assigned to Financial Institutions
2015-02-03	Senate	Referred to Assignments
2015-02-03	Senate	First Reading
2015-02-03	Senate	Filed with Secretary by Sen. Dan Kotowski

Chapter	Article	Section	Citation Type	Statute Text
30	105	5.866	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=708&GAID=13&DocTypeID=SB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/SB/09900SB0708.htm