Illinois Senate Bill 2562

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on April 18 2023 - 25% progression
Action: 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Capital Development Board Act and the Toll Highway Act. Provides that the Capital Development Board and the Illinois Highway Toll Authority may make low-interest loans from the Working Capital Revolving Loan Fund to disadvantaged business enterprises or minority-owned businesses. Establishes a loan selection committee to review applications and select eligible businesses. Provides that the Board and Authority may set eligibility requirements for loans by administrative rule. Provides that loans shall not be used for: (1)the refinancing or payment of existing long-term debt; (2) the payment of non-current taxes; (3) the payment, advance, or loan to a stockholder, officer, director, partner, or member owner of a limited liability company; or (4) the purchase or lease of non-construction motor vehicles or equipment. Provides that loans may be made with interest. Limits the number of loans a business may receive. Provides that the Board and Authority shall give annual reports to the Governor and the General Assembly on the program. Provides that the authority to issue loans expires on June 1, 2028. Amends the State Finance Act. Establishes the Working Capital Revolving Loan Fund. Provides that transfers shall not exceed $20,000,000 a year, for a period of 5 years, from the Road Fund to the Working Capital Revolving Loan Fund as requested by the Commissioner of the Board or the Director of the Authority. Provides that no transfer will occur if the available balance in the Working Capital Revolving Loan Fund is equal to or greater than $40,000,000.

BUSINESS LOAN PROGRAM

Sen. Willie Preston [D]

Sen. Mattie Hunter [D]

Date	Chamber	Action
2024-05-03	Senate	Rule 3-9(a) / Re-referred to Assignments
2024-04-05	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024
2024-03-15	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
2024-01-24	Senate	Assigned to Appropriations- Public Safety and Infrastructure
2023-04-26	Senate	Added as Chief Co-Sponsor Sen. Mattie Hunter
2023-04-18	Senate	Referred to Assignments
2023-04-18	Senate	First Reading
2023-04-18	Senate	Filed with Secretary by Sen. Willie Preston

Chapter	Article	Section	Citation Type	Statute Text
20	3105	21	New Code	See Bill Text
30	105	8s	New Code	See Bill Text
605	10	40	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2562&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB2562.htm